# colleen egan

Identify whether each of the following is an explicit cost or an implicit cost: Implicit costs are costs that have occurred but are not always shown as an immediate cost, where explicit costs are costs that have occurred and is shown as a separate cost. ) Payments for rented manufacturing equipment – Explicit, as the company would spend money to rent the equipment ) A firm’s use of a warehouse that it owns and could rent to another firm Implicit, because there is no cost at the moment c) Wages paid to the firm’s workers – Explicit, as the company would be paying wages d) The wages the firm’s owner could earn if he worked for another company Implicit, because the company does not spend any money on potential outside wages for the firms owner. 2. Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below.

Marginal Product of Capital 4,000 Marginal Produce of Labor 100 Rate \$10 Rental Price of Pizza Ovens \$500 a. Is the owner of Pat’s Pizza Restaurant minimizing cost? ML/MAC 100 / 4000 1/40 Price Ratio = wage rate = 10 / 500 = 1/50 1 / 40 does not = 1 / 50 so Pat’s Pizza Restaurant is not minimizing costs b. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers? Explain. It appears that the Restaurant makes more based on ovens than on workers, so they should rent more ovens and hire fewer workers in order to minimize their costs. 3.

Consider a firm’s production decision in both the short-run and long-run. Explain what type of input costs might be fixed in the short-run and which might be variable in the short-run. Provide one example of each. The type of input costs that are fixed in the short-run are not affecting the production (such as rent for a warehouse). A variable input cost in the short-run would be wages paid to employees and would affect the production. Directions for Submitting your Assign meet Complete your assignment in this Microsoft [email protected] document and save it as Surname-Entertainments-Unit#. Co (Example:Taller-Entertainments- Unit. Doc). Submit your file by selecting the Unit 4: Assignment Drop by the end of Unit 4. Project Grading Criteria Grade Content, Focus, Use of Text/Research Analysis and Critical Thinking Writing Style, Grammar, PAP Format (when assigned) 90-100% Response successfully answers the assignment question(s); thoroughly uses the text and other literature. Response exhibits strong higher-order critical thinking and analysis (e. G. , evaluation). Sentences are clear, concise, and direct; tone is appropriate. Grammatical skills are strong with almost no errors per page.

Correct use of PAP format when assigned. 80-89% Response answers the assignment question(s) with only minor digressions; sufficiently uses the text and other literature. Response generally exhibits higher- order critical thinking and analysis (e. G. True analysis). Sentences are generally clear, concise, and direct; tone is appropriate. Grammatical skills are competent with very few errors per page. Correct use of PAP format when assigned. 70-79% Response answers the project assignment(s) with some digression; sufficiently uses the text and other literature.

Response exhibits limited higher-order critical thinking and analysis (e. G. Application of information). Sentences are occasionally wordy or ambiguous; tone is too informal. Grammatical skills are adequate with few errors per page. Adequate use of PAP format when assigned. 60-69% Response answers the assignment question(s) but digresses significantly; insufficiently uses the text and other literature. Response exhibits simplistic or reductive thinking and analysis but does demonstrate comprehension. Sentences are generally wordy and/or ambiguous; tone is too informal.

Grammatical skills are inadequate, clarity and meaning are impaired, numerous errors per page. Inadequate use of PAP format when assigned. 0-59% Response insufficiently answers the assignment question(s); insufficiently uses the text and other literature. Response exhibits simplistic or reductive thinking and analysis and demonstrates limited knowledge on the subject matter. Sentences unclear enough to impair meaning; tone is inappropriate and/or inconsistent. Grammatical skills are inadequate for college level. Unacceptable use of PAP format when assigned.

### "Looking for a Similar Assignment? Order now and Get a Discount!

Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

## Calculate the price of your order

Total price:
\$0.00

How it works?

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

## Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

Get better grades effortlesslyIt’s cheaper than you might think

Effortlessly get the essays and grades you need. You can now get any essay, on any subject and at ANY deadline with just 10 minutes of your time (or less). Your professor will love you for it!