Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will get Bill the correct answer?
A. subtracting total variable costs from total revenue
B. calculating the product of average total cost and quantity
C. subtracting the average variable cost from the total cost
D. subtracting the total variable cost from the total cost
Answer: D
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Refer to Figure 1A.1. The slope of the line between the points where income equals 50 and income equals 200 is
A) 0.2. B) 5. C) 10. D) 50.
Refer to Figure 8.2. How much profit will the firm earn if price stays at $80?
A) $0 B) $306 C) $312 D) $1000 E) $1024
Refer to the above figure. If the union wants to maximize the total income of its members who work, it will set wages at
A) W1. B) W2. C) W3. D) W4.
The highest marginal tax rate for the federal income tax in the United States is
a. 10 percent b. 28.3 percent c. 35 percent d. 45.4 percent e. 50 percent