Bill is an accountant for a small machine shop. His boss has asked him to calculate the shop's total fixed cost. Which method will give Bill the correct answer?
a. subtracting marginal cost from total cost
b. calculating the product of average total cost and quantity
c. determining what the shop would pay for if they produced zero output
d. adding the total variable cost to the total cost
e. subtracting total variable cost from total revenue
C
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Answer the following statement true (T) or false (F)
An example of an exclusive union would be
A. the International Brotherhood of Teamsters. B. the Professional Air Traffic Controllers Organization. C. the United Auto Workers. D. the International Ladies Garment Workers Union.
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Fill in the blank(s) with the appropriate word(s).
The Package Store hires workers to wrap packages. The store sells this service for $5. The marginal revenue product of this store's fifth worker is $50. The marginal product of the fifth worker is
A. 0.01 package. B. 1 package. C. 10 packages. D. indeterminate from this information.