Refer to Table 8.1. Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost. What is the variable cost of producing 45 units of output?
A. $30
B. $10
C. $450
D. $22.22
A. $30
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There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There were about 70,000 people on the waiting list to buy season tickets in 2010
Packers tickets are a normal good. As a result of the economic recession in 2010 during which people's incomes decreased, the A) demand for Packers tickets decreased. B) demand curve for Packers tickets shifted rightward. C) quantity demanded of Packers tickets decreased. D) substitution effect changed the quantity demanded.
What are the three cases for the price elasticity of demand? Briefly define each
What will be an ideal response?
If Gladys sells her 1998 Jeep Cherokee for $3,500 in 2016, the sale of her car contributes $3,500 to 2016 GDP
Indicate whether the statement is true or false
When the marginal revenue resulting from a decrease in price is negative, demand for the product is:
A) elastic. B) unit elastic. C) inelastic. D) cannot be determined without more information.