The total variable cost associated with the production of 5 units of output is
Use the following table to answer the next question.
| Output | Total Cost |
| 0 | $10 |
| 1 | 20 |
| 2 | 28 |
| 3 | 38 |
| 4 | 53 |
| 5 | 73 |
| 6 | 98 |
The total variable cost associated with the production of 5 units of output is
Answer: $63.00
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For productive efficiency to hold
A) average variable cost is minimized in production. B) average total cost is minimized in production. C) price must equal the marginal cost of the last unit produced. D) price must equal marginal revenue of the last unit sold.
In the ________, each firm treats the output of its competitor as fixed and then decides how much to produce
A) Cournot model B) model of monopolistic competition C) Stackelberg model D) kinked-demand model E) none of the above
If Z is an inferior good, an increase in money income will shift the:
A. supply curve for Z to the left. B. supply curve for Z to the right. C. demand curve for Z to the left. D. demand curve for Z to the right.
An excess quantity of money demanded will lead to a rise in
A. bond prices. B. income. C. the interest rate. D. investment.