What is the difference between the average cost per unit for 5 units and the marginal cost of the 5th unit?
a. 196
b. 86
c. 40
d. 110
b
You might also like to view...
If the demand curve shifts outward and the supply curve remains the same, price will fall.
Answer the following statement true (T) or false (F)
Producer surplus is always the total area below the demand curve and above the supply curve
a. True b. False Indicate whether the statement is true or false
In the case of the production of electronic calculators, introduced in the United States in the 1960s,
a. a technological breakthrough reduced the input quantities needed to produce them. b. quantity demanded increased significantly as prices fell. c. production costs fell with advances in technology. d. All of the above are correct.
Critics of the minimum wage argue that
a. labor demand is inelastic so firms can adjust production. b. too many older employees benefit at the expense of teenage workers. c. many minimum-wage earners are teenagers from middle-class families. d. All of the above are correct.