The average total cost of production is measured by
a. average variable cost + average fixed cost
b. fixed cost + variable cost
c. average variable cost – average fixed cost
d. marginal cost + variable cost
e. fixed cost + marginal cost
A
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. What is the farmer's profit-maximizing output?
A. 20 B. 40 C. 37 D. 32
In calculating the current yield for a bond the:
A. present value of the capital gain/loss is ignored. B. coupon payment and purchase price is all that is needed. C. present value of the coupon payments is the only important consideration. D. present value of the final payment is the only important consideration.
The text suggests that if economists had a mantra, it would be:
A. justice is the measure of all things. B. trade is good. C. when one person benefits, another is hurt. D. do unto others before they do unto you.