. Identify whether each of the following is an explicit cost or an implicit cost: a) Payments for rented manufacturing equipment b) A firm’s use of a warehouse that it owns and could rent to another firm

answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1. Identify whether each of the following is an explicit cost or an implicit cost:

a) Payments for rented manufacturing equipment
b) A firm’s use of a warehouse that it owns and could rent to another firm
c) Wages paid to the firm’s workers
d) The wages the firm’s owner could earn if he worked for another company

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
Wage Rate $10
Rental Price of Pizza Ovens $500

a. Is the owner of Pat’s Pizza Restaurant minimizing cost?
b. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers? Explain.

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 long-run. Provide one example of each.

Directions for Submitting your Assignment
Complete your Assignment in this Microsoft Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit4.doc). Submit your file by selecting the Unit 4: Assignment Dropbox by the end of Unit 4.
Unit 4 Assignment
Content and Analysis Points Possible Points Earned
Problem #1
Identify whether each of the following is an explicit cost or an implicit cost. (a-d) 12
Problem #2
Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below. (a-b) 12
Problem #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. 10
Writing Style, Grammar, and APA Format. 6
Total 40

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