Refer to Figure 11-8 above to answer the following questions
a. Identify the curves in the diagram.
A ________ B ________ C ________
b. What is the numerical value of fixed cost when the quantity of output=10?
c. What is the numerical value of variable cost when the quantity of output=10?
d. What is the numerical value of total cost when the quantity of output =10?
e. What is the numerical value of average fixed cost when the quantity of output =10?
f. What is the numerical value of average total cost when the quantity of output =10?
g. On the graph identify the area that represents the total variable cost of production when the quantity of output =10.
h. On the graph identify the area that represents the fixed cost of production when the quantity of output =10.
a. A=Marginal cost curve; B = Average total cost curve; C = Average variable cost curve.
b. $150
c. $70
d. $220
e. $15
f. $22
g. the area of the rectangle 0$7e10
h. the area of the rectangle $7$22de
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The above figure supports all of the following statements regarding health care EXCEPT
A) the demand for health care is insensitive to price changes; as the price goes up, so does the quantity demanded. B) if all medical expenses were paid for by third parties, the quantity demanded would increase tremendously. C) due to third party payments, patients demand a higher quantity of health care services per year. D) the lower the deductible, the greater is the quantity demanded of health care services per year.
Under long-run equilibrium in perfect competition, each firm operates at the minimum point of its average-variable-cost curve
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a bank liability?
A) checkable deposits B) CDs C) mortgage loans D) borrowings from the Federal Reserve
Environmental standards can be specified as
a. ambient standards d. all of the above b. performance-based standards e. (a) and (b) only c. technology-based standards