A firm’s implicit and explicit costs are explained for both short‑ and long‑run periods and total-, unit-, and marginal-cost concepts are addressed. These concepts prepare you for both ‘total-revenue, total-cost" and "marginal-revenue, marginal-cost" approaches to profit maximization. The law of diminishing returns is explained as an essential concept for understanding average and marginal cost curves. Analyze the general shape of each cost curve (AFC, AVC, ATC, MC) and the relationship they bear to one another. For example, explain the differences between the average and the marginal when a class with 40 students in it has a total weight of 6,000 pounds and a100 pound jockey joins the class versus a 350 pound sumo wrestler.

While on vacation in las vegas jennifer, who is from utah, wins a progressive jackpot playing cards worth $15,875 at the casino royale. what implication does she encounter when she goes to collect her prize?

Thomas kratzer is the purchasing manager for the headquarters of a large insurance company chain with a central inventory operation. thomas's fastest-moving inventory item has a demand of 6,000 units per year. the cost of each unit is $100, and the inventory carrying cost is $10 per unit per year. the average ordering cost is $30 per order. it takes about 5 days for an order to arrive, and the demand for 1 week is 120 units. (this is a corporate operation, and the are 250 working days per year.)a) what is the eoq? b) what is the average inventory if the eoq is used? c) what is the optimal number of orders per year? d) what is the optimal number of days in between any two orders? e) what is the annual cost of ordering and holding inventory? f) what is the total annual inventory cost, including cost of the 6,000 units?

Which represents a surplus in the market? a market price equals equilibrium price. b quantity supplied is greater than quantity demanded. c market price is less than equilibrium price. d quantity supplied equals quantity demanded.