Sophia Learning - Microeconomics - Final Milestone

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Page 1 of 13 Sophia Learning - Microeconomics - Final Milestone Score 25/25 You passed this Milestone 25 questions were answered correctly. 1MILESTONE Number of Employees Tota... l Production Marginal Product of Labor Marginal Revenue Product 0 0 0 1 18 18 2 30 12 3 41 11 4 46 5 If the price of the item is $10.00 per unit and the employees cost $100 each, how many employees should the firm hire to maximize their profit? • CONCEPT Output Optimization: Marginal Revenue Product 2 As a consumer's income increases, demand for this type of good decreases. The statement above corresponds to which type of good? CONCEPT Types of Goods 3 Which of the following is true about the long run average cost curve? CONCEPT Long-Run Supply Curve 4 Which of the following is an example of a constraint? • CONCEPT Resource Allocation for Firms 5 If the variable costs for a firm are $57, the fixed costs are $143, and the firm sells 40 units, what are the firm's average total costs? CONCEPT Cost: Total, Marginal and Average 6 Which of the following is an example of an inferior good? • . CONCEPT Types of Goods . CONCEPT Consumer Choice Theory 8 Which of the following is true regarding contingent valuation? • CONCEPT Assessing Costs of Waste and Pollution--Environmental Economics 9 Which statement below is NOT true regarding process mapping? • . CONCEPT Process Mapping--Efficiency 10 Last year, Paula's income was $2,000, and she went to vacation twice. This year, Paula's income increased to $3,000, and she went to vacation five times. Determine the income elasticity using the midpoint formula. CONCEPT Income Elasticity 11 Which definition below defines perfectly elastic demand? • https://capella.sophia.org/spcc/microeconomics-2/milestone_take_feedbacks/5128360 8/10/2020 Defining Elasticity 12 Determine which of the following descriptions is true regarding the rational consumer. • CONCEPT Decision Making Relationships: Rational Consumer 13 Which type of market structure has many small firms that spend money in order to differentiate their products through advertising? • CONCEPT Monopolistic Competition 14 The additional income a company generates from selling one more unit due to this is called which of the following? . 8/10/2020 CONCEPT Revenue: Total, Marginal and Average 15 Determine which of the following is an example of opportunity cost. • CONCEPT Decision Making Relationships: Rational Consumer 16 Which of the following is an intermediate good? ……………………………………………………….CONTINUED…………………………………………………….. [Show More]

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