Indicate the answer choice that best completes the statement or answers the question. table 14-15 quantity total cost 0 $3 1 $8 2 $10 3 $12 4 $20 5 $35 6 $50 1. refer to table 14-15. what is the lowest price at which this firm would operate in the short run? a. $3. b. $4. c. $5. d. $6. 2. in the short run, there are 500 identical firms in a competitive market. the firms do not use any resources that are available in limited quantities, and each of them has the following cost structure: output total cost 0 $0 1 $10 2 $12 3 $15 4 $24 5 $35 the long-run supply curve for this market is a. positively sloped for all prices above $10. b. horizontal at a price of $5. c. horizontal at a price of $6. d. horizontal at a price of $7. 3. when new firms have an incentive to enter a competitive market, their entry will a. increase the price of the product. b. drive down profits of existing firms in the market. c. shift the market supply curve to the left. d. increase demand for the product.

Which of the following statements accurately describes how costs and benefits are calculated?

When the federal reserve buys and sells bonds to member banks, it is called a. monetary policy b. reserve ratio c. interest rate adjustment d. open market operations

An important application of regression analysis in accounting is in the estimation of cost. by collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. consider the following sample of production volumes and total cost data for a manufacturing operation. production volume (units) total cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 compute b 1 and b 0 (to 2 decimals if necessary). b 1 b 0 complete the estimated regression equation (to 2 decimals if necessary). = + x what is the variable cost per unit produced (to 1 decimal)? $ compute the coefficient of determination (to 4 decimals). note: report r 2 between 0 and 1. r 2 = what percentage of the variation in total cost can be explained by the production volume (to 2 decimals)? % the company's production schedule shows 500 units must be produced next month. what is the estimated total cost for this operation (to 2 decimals)? $