Karam recently opened a bar and grill. Out of the following costs associated with his new business, which is (are) variable costs? (Select all that apply)

A perfectly competitive firm maximizes profit by producing 500 units of output, selling each unit for $5. The firm’s average variable cost is $2, and its average fixed cost is $1. What is the firm’s profit?

Suppose a firm’s total cost is given by TC = 400 + 20Q + 4Q2 and its marginal cost is given by MC = 20 + 8Q. What is the output level that minimizes the average total cost?

Suppose that a community health center finds that regardless of the number of physicians or nurse practitioners employed, it can always replace one family practice physician by using two additional nurse practitioners without affecting the quantity or quality of patient office visits. This finding implies that

Which of the following is an example of the sunk cost fallacy?

A firm is producing 4 units of output at an average total cost of $10. When the firm produces 5 units of output, average total cost rises to $20. What is the marginal cost of the fifth unit of output?

Which SQL statement below will correctly create the EMP table based on the structure of the EMPLOYEES table? Include only the EMPLOYEE_ID, FIRST_NAME, LAST_NAME, SALARY, and DEPARTMENT_ID columns.

Examine the data from the LINE_ITEM table: LINE_ITEM_ID ORDER_ID PRODUCT_ID PRICE DISCOUNT 890898 847589 848399 8.99 0.10 768385 862459 849869 5.60 0.05 867950 985490 945809 5.60   954039 439203 438925 5.25 0.15 543949 349302 453235 4.50   You query the LINE_ITEM table and a *value of 3 is returned. Which SQL statement did you execute?

The EMPLOYEES table contains these columns: LAST_NAME VARCHAR2(20) FIRST_NAME VARCHAR2(20) HIRE_DATE DATEEVAL_MONTHS NUMBER(3) Evaluate this SELECT statement: SELECT hire_date + eval_months FROM employees; The values returned by this SELECT statement will be of which data type?

You need to ensure that the LAST_NAME column only contains certain character values. No numbers or special characters are allowed. Which type of constraint should you define on the LAST_NAME column?