If a firm has a total fixed cost of $75 and an average variable cost of $35 for producing 10 units of output, the average total cost would be:
a. $425.
b. $42.50.
c. $110.
d. $350.
Ans: b. $42.50.
You might also like to view...
Not all in-kind transfers represent an improved standard of living
Indicate whether the statement is true or false
Income elasticity has a range of
A) greater than or less than one. B) greater than or less than zero. C) greater than or less than negative one. D) less than zero but greater than one.
Refer to the following graph.
If this graph represents the supply of and demand for an imported product, a tariff of t will result in revenue for the government shown by area:
A. BOEH. B. ACIJ. C. BDGH. D. DOEG.
The price of medical care in the United States has:
A. remained relatively unchanged in recent years. B. risen slower than the overall price level. C. risen at the same pace as the overall price level. D. risen faster than the overall price level.