If Jason's fixed cost totals $400 with variable cost per unit of $10 at a quantity of 80 units, what would his average total cost at 80 units of output equal?
a. $10
b. $14
c. $15
d. $805
c
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The table above shows the transaction in Pinkland last year:
a) Calculate Pinkland's GDP. b) What approach did you use to make this calculation?
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market for ground meat?
A. Market clearing price will fall, and equilibrium quantity will rise. B. Market clearing price will fall, and equilibrium quantity will fall. C. Market clearing price will rise, and equilibrium quantity will fall. D. Market clearing price will rise, and equilibrium quantity will rise.
When the price of tea decreases 7%, quantity demanded increases 12%. The price elasticity of demand for tea is ________ and total revenue from tea sales will ________.
A. inelastic; decrease B. elastic; increase C. elastic; decrease D. inelastic; increase
Business decisions can be made by focusing mainly on the benefits of a decision because most costs are fixed
Indicate whether the statement is true or false