In the above figure, what is the AVERAGE variable cost of producing 5 units of output?
A. $20
B. $80
C. $60
D. $12
E. $40
Answer: D
You might also like to view...
The European Central Bank:
A) emphasizes maintaining interest rates below 5%. B) lays more emphasis on controlling employment than on controlling inflation. C) emphasizes maintaining unemployment rates below 5%. D) lays more emphasis on controlling inflation than on controlling employment.
Autonomous expenditure times the multiplier equals
A) autonomous consumption. B) equilibrium GDP. C) autonomous saving. D) planned autonomous investment.
Temporary, short-term discount loans to banks in areas in which agriculture and tourism are important are known as
A) primary credit. B) secondary credit. C) seasonal credit. D) repo loans.
________ functions are very useful in analyzing production functions, which exhibit both increasing and decreasing marginal products
A) Cobb-Douglas B) Straight-line C) Quadratic D) Cubic