Average variable cost can be calculated using any of the formulas below except
A) ?(TC - FC)/?Q. B) TVC/Q. C) (TC - FC)/Q. D) (TC/Q) - AFC.
A
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According to this Application, by using a value-added approach to measure Wal-Mart's sales impact on the economy, we are
A) including GDP as a measure of welfare. B) using a chain-weighted index. C) avoiding double-counting. D) excluding the net foreign sector.
When Jack's income increases by $1,000, he spends an additional $850 dollars. This implies that his marginal propensity to consume is 0.85
Indicate whether the statement is true or false
The ability to produce a good or service at a lower opportunity cost than other producers is
A) absolute advantage. B) comparative advantage. C) opportunity advantage. D) special advantage.
What short-run choice does the Phillips curve illustrate?
a. The choice between higher real wages and higher output b. The choice between cyclical unemployment and frictional unemployment c. The choice between a higher capital stock and inflation d. The choice between higher output per capita and maintaining the natural rate of unemployment e. The choice between unemployment and inflation