White Water Rafting Guided Tour Business
Order ID:89JHGSJE83839 Style:APA/MLA/Harvard/Chicago Pages:5-10 Instructions:
White Water Rafting Guided Tour Business
Quiz 05
Due Feb 26 at 11:59pm
Points 10
Questions 10
Available until Feb 27 at 4am
Time Limit 30 Minutes
Allowed Attempts 2
Instructions
For each of the 12 units of the course, you are required to take a quiz. The quizzes serve multiple purposes:
To assess your knowledge of the material. This is a minor aspect, though — each quiz only counts for 2 points out of 100.
To give you practice for the exams. The multiple-choice questions for the exams are similar to those on the quizzes. In addition, the quiz questions — especially the ones with the graphs — should help you with the short-essay answer portion of each exam.
To enhance your learning of course materials by having you answer questions that explore the course subject matter.
Instructions:
You may take each unit’s quiz twice, and you will receive credit for the higher of the two grades if you do so. Questions will be drawn at random from a pool of quiz questions, so each quiz for a given unit will be a bit different.
The course calendar spells out the due dates for each quiz.
When you are ready to take this quiz, click on the link below to begin. Once you begin the quiz you will have 30 minutes to complete the 10 questions and submit your responses.
Once you begin, you must complete the quiz in one sitting.
The clock will start when you begin and will continue to run even if you go back to another page or log out of Canvas. Please don’t begin the quiz unless you have 30 minutes to complete it!
Once time has expired, your quiz will be automatically submitted, even if you have not answered all the questions.
Should you encounter any problems in completing a quiz, please write and inform your instructor as soon as possible.
Attempt History
Attempt Time Score LATEST Attempt 1 11 minutes 10 out of 10
Score for this attempt: 10 out of 10
Submitted Feb 24 at 5:25am
This attempt took 11 minutes.
Question 1
1 / 1 pts
Economic profit
is the same as accounting profit.
is always larger than accounting profit.
is equal to total revenue less explicit costs
is never larger than accounting profit
Question 2
1 / 1 pts
Dexter is an accountant earning $45,000 per year but he hates his job. Dexter decides to leave his accounting job and start his own white water rafting guided tour business. He needs $80,000 to start his business. Dexter has $40,000 in savings that he will use to start his new business and he borrows the remaining $40,000 from a bank. The interest rate is 3%. The explicit cost of opening Dexter’s white water rafting business is ____ and the implicit cost of opening the new business is ______.
$80,000; $45,000
$2,400; $45,000
$1,200; $46,200
$127,400; $0
Question 3
1 / 1 pts
Labor Output Variable
CostFixed
CostTotal
Cost0 0 12 1 10 5 2 18 22 3 24 15 4 28 20 32
Consider the table above. What is the marginal product of the second worker?
5
8
10
18
Question 4
1 / 1 pts
Labor Output 0 0 1 8 2 14 3 18 4 20
Consider the table above. What is the Marginal product of the 3rd worker?
2
4
18
20
Question 5
1 / 1 pts
The production function shows the relationship between
a firm’s profit and the quantity of output produced.
the average product of labor and the quantity of labor used in the production process.
the cost of production and the quantity of output produced.
the inputs to production and the quantity of output produced.
Question 6
1 / 1 pts
Consider the graph above. The slope of the production function reflects
increasing marginal product
decreasing average product
increasing marginal cost
decreasing marginal cost.
Question 7
1 / 1 pts
Which of the costs below do not vary when a firm changes its level of production?
fixed cost
average fixed cost
average total cost
Total cost
Question 8
1 / 1 pts
Marginal cost will eventually rise as production expands due to
increased specialization
economies of scale
diminishing marginal product
the presence of fixed costs
Question 9
1 / 1 pts
Output Variable
CostFixed
CostTotal
Cost0 14 1 5 2 24 3 15 4 20 34
The marginal cost of producing the 3rd unit of output is
$10
$15
$24
$5
Question 10
1 / 1 pts
Diseconomies of scale occur
when long run ATC is constant as output is varied.
when long run ATC decreases as output expands.
when short run ATC decreases as output expands.
White Water Rafting Guided Tour Business
when long run ATC increases as output expands
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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