What are the economic advantages of specialization?
Please provide the best answer for the statement.
The advantages come from increased productivity or output per worker as specialized workers gain skills in performing one task. Therefore, more is produced with the same amount of resources as before specialization.
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In a graph of a firm's short-run total costs and total revenue, the total cost and the total revenue curves, respectively, will intersect the vertical axis
A) above the origin, above the origin. B) above the origin, at the origin. C) at the origin, at the origin. D) below the origin, below the origin.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a store building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What are his implicit costs?
a. $26,000 b. $66,000 c. $78,000 d. $52,000 e. $72,000