If Jason's fixed cost totals $800 with variable cost per unit of $10 at a quantity of 80 units, what would his average total cost at 80 units of output equal?
a. $10
b. $18
c. $20
d. $810
c
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The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the marginal benefit of the last gallon of milk consumed is
A) $3.50 a gallon. B) $4.00 a gallon. C) $4.50 a gallon. D) $5.00 a gallon.
Which of the following statements represents a correct and sequentially accurate economic explanation?
A) Wage rates rise, SRAS rises, and the SRAS curve shifts to the left. B) The prices of nonlabor inputs rise, SRAS decreases, and the SRAS curve shifts to the right. C) Labor productivity rises, SRAS increases, and the SRAS curve shifts to the right. D) An adverse supply shock hits, SRAS decreases, and the SRAS curve shifts to the right. E) a and c
Which of the following is TRUE of a perfectly competitive firm and a monopoly in the long run?
A) P = MC B) P = ATC C) MR = MC D) P = MR
Suppose that the federal income tax on individuals is set up as follows:Income aboveIncome belowTaxes0$80000.10 × income$8000$35,000$800 + [0.15 × (income - $8000)]$35,000 & up$4850 + [0.25 × (income - $35,000)]Calculate the average tax rate and marginal tax rate for workers with the following levels of income:(a)$6500(b)$27,000(c)$72,000(d)$250,000
What will be an ideal response?