Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
If Straker Industries produces 12 units of output, what is estimated total variable cost (TVC)?
A. $1,348
B. $171.40
C. $463.20
D. $2,348
Answer: C
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The table above shows the short-run product schedule for Virginia's Tee-Shirts. What is the average product associated with hiring the fourth worker?
A) 40 shirts B) 55 shirts C) 50 shirts D) 220 shirts
C = 3,600 + (mpc)y
I = 1,200 G = 1,400 NX = -200 If the equilibrium level of GDP is $30,000, using the equations for C, I, G, and NX shown above, find the value of the marginal propensity to consume. What will be an ideal response?
Government payment of a per-unit subsidy for medical care causes
A) the market supply curve to shift upward. B) the market demand curve to shift downward. C) a reduction in the price that providers of medical care receive for each unit of care provided. D) an increase in the quantity of medical care demanded above the quantity demanded in the absence of the subsidy.
(Consider This) Subsidies to encourage hospitals and physicians to adopt electronic medical records have resulted in which of the following?
A. Improved care for a greater number of patients because of the efficiency gains. B. Reduced health care costs because of the efficiency gains in record-keeping. C. More patients seen but at a higher cost because of the high fixed cost of the recording devices. D. Less care at higher costs as the extensive record-keeping process reduces efficiency.