JUST ME

Please help, I am confused. Not sure how to figure the answers.

Grady and Monroe are each paid a weekly salary allowance of $950.

The doll shop is located in a state that requires unemployment compensation contributions of employers of one or more individuals. The company is subject to state contributions at a rate of 3.1% for wages not in excess of $8,100. Compute each of the following amounts based upon the 41st weekly payroll period for the week ending October 10, 2014:

V. Hoffman........1700.00 a month

A. Drugan........15000.00 per year

G. Bieter.........180.00 per week

Eagon........220.00 per week

s. Len............160 week but part time

(a) Taxable OASDI HI

Earnings (6.2%) (1.45%)

M. Grady $- $- $-

P. Monroe - - -

V. Hoffman

A. Drugan

G. Beiter

S. Egan

B. Lin

(b) Taxable Tax

Earnings x Rate = Tax

Employer's OASDI tax

Employer's HI tax

(c) Taxable Tax

Taxable earnings: Earnings x Rate = SUTA Tax

Total

(d) Taxable Tax

Taxable earnings: Earnings x Rate = FUTA Tax

(e) Total employer payroll taxes:

FICA

SUTA

FUTA

Total payroll taxes

a) the long run curve is always flatter than the short run curve

b) the long run curve is always steeper than the short run curve

c) the long run curve is based on the assumption that firms can control the price they charge, whereas the short run curve assumes that the market sets the price

d)The short run curve is based on the assumption that firms can control the price they charge, whereas the long run curve assumes that the market sets the price

a) each firm is producing an efficient quantity

b) price equals ATC for each firm

c) each firm is earning 0 economic profit

d) each firm is producing at the minimum point on the MC curve

Suppose that the long run industry supply in the production of synthetic fabrics is perfectly elastic. Which of the following statements then is TRUE?

a) the marginal cost curve of each synthetic producing firm is horizontal

b) the existence of profit within the industry will not draw new firms into the market

c) the long run industry supply for synthetics is horizontal

d) the long run industry supply for synthetics is upward sloping

a) firm's marginal cost curve

b) firm's average total cost curve

c) firm's marginal revenue curve

d) number of firms in the market

a) the upward sloping portion of its average variable cost curve

b) its average total cost curve

c) its marginal cost curve above average variable cost

d) its marginal cost curve above average total cost

A perfectly competitive firm is charging the market price of $18 to sell its product. The firm is producing and selling the profit-maximizing quantity of 50 units at this price. Its average total cost is $17 and its average variable cost is $15. Which of the following statements is then TRUE?

a) this firm should shut down now

b) at this current level of production, the firm marginal cost is $17

c) at this current level of production the firm's marginal cost is $15

d) the firm is earning a economic profit of $50

a) price is above the minimum point of AVC but below the minimum point of ATC

b) price is below the minimum point of AVC

c) marginal cost begins to increase

d) total revenue is not sufficient to cover total cost

a) price is above average variable cost

b) price is above average total cost

c) total cost exceeds total revenue

d) total variable cost exceeds total revenue

a) new producers will seek to enter the industry

b) consumers will switch to substitute goods

c) each producer is charging a different price

d) the current price exceeds marginal cost

a) minimize average variable cost

b) minimize average total cost

c) minimize marginal cost

d) maximize profit

ch13

Luis operates a cherry orchard in Northern Oregon and sells the cherries in a perfectly competitive market at a price of $1.70 per pound. Last month Luis sold 2,000 pounds of cherries. His fixed cost of production was $800 and his average variable cost was $1.00 per pound. What was his profit?

a) $600

b) $800

c) $2,600

d) $3,400

Tara sells her organic carrots in a perfectly competitive market for a price that is just higher than her minimum average variable cost of production, but lower than her minimum average total cost of production. Which of the following statements is then TRUE?

a) although she is currently incurring a loss she could restore profitability by advertising her carrots

b) she can minimize her losses by shutting down her operations now

c) she is incurring a loss, because price is less than ATC

d) she is earning a profit because price is above AVC

Gabriel operates a tree-trimming business in Maine. He charges the perfectly competitive price of $47 per hour. The marginal cost of working the 36th hour each week is $42; the marginal cost of working the 37th hour is $44; the 38th hour is 46; and 39th hour is 48. How many hours should he work each week?

a) he should work 40 hours per week, because he can always earn more revenue by working more

b) he should work 39 hours per week, because he would have to lower his price if he wanted to work mote that that

c) he should work 38 hours per week, because this is the workload that maximizes his net gain

d) he should work 36 hours per week because the marginal cost of working rises after this point

a) (price- marginal cost)x quantity

b) (price - average total cost) x quantity

c) (price - average variable cost) x quantity

d) total revenue - total fixed cost

Nadia operates a frame shop and charges the perfectly competitive price of $65 for custom framing of a standard size picture she is a price taking producer, In order to maximize her profit Nadia will:

a) accept framing orders up until the point where the marginal cost of doing so is $65

b) seek to produce at the point where her average variables cost is $65

c) seek to operate at the minimum point on her average Variable cost curve

d) seek to operate at the minimum point on her marginal cost curve

a) each firm seeks to undercut the price of its competitors

b) there is easy entry exit

c) each firm has a small share of the market

d) each firm is a price taking producer

a) the spreading effect increases ATC, because it reflects the fact that workers are spread out across more tasks when output rises

b) the spreading effect increases ATC, because it reflects the fact that firms are less efficient when they operate on a larger scale

c) the spreading effect reduces ATC, because a given fixed cost can be spread across more units of output

d) the spreading effect reduces ATC, because a firm's total fixed cost will decline as more is produced

ch12

A firm producing in the short run uses two inputs, capital and labor. The quantity of capital is fixed and generates a monthly cost of $6,000. The quantity of labor can be varied, and the wage rate per hour of labor is $20. If 400 hours of labor are hired for the month, and 140 units of output are produced, what is the firm's average total cost for the month?

a) $123

b) $100

c) $43

d) $2

ch12

Daisy incurs $7200 per month in fixed costs operating her floral shop. She pays her employees $9.00 per hour and has three assistants each working 120 hours per month. Her other variable costs are $800 per month. What are Daisy's total variable costs and total costs each month?

a) Total variable costs are 800; total costs are 8000

b) total variable cost are 800; total costs are 11240

c) total variable cost are 3240; total costs are 11240

d) total variable cost are 4040; total costs are 11240

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