Suppose Ben owns a small company that makes kites. The market for kites is perfectly competitive, and kites sell for $25 each. Ben's total production costs vary depending on the number of kites he makes each day, as shown in the accompanying table. Number of kites Per DayTotal Cost Per Day ($)0100111021263148417252006235 When Ben makes 2 kites per day, what is his average variable cost?
A. $63
B. $50
C. $26
D. $13
Answer: D
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a. reduced food prices b. increased yields c. more irrigation d. more agricultural research e. The Green Revolution has resulted in all of the above.
A subsidy for pollution not produced can induce producers to pollute at the efficient level.
A. True B. False C. Uncertain
If a straight line passes through the point x = 8 and y = 4 and also through the point x = 12 and y = 6, the slope of this line is
A) negative 4 divided by 2. B) two. C) negative one half. D) one half.
If workers are homogeneous and face a monopsonist,
A) they are likely to want to form a union. B) they are likely to want to negotiate one-on-one with their employer. C) it is likely that half will want to form a union, half will not. D) they are likely to move to another town.