Refer to the table above. What is the average total cost of producing 160 units of the good?
A) $0.50
B) $0.93
C) $1.44
D) $2
C
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The short-run supply curve for a perfectly competitive firm is the
A. segment of the AVC curve lying to the right of the MC curve. B. segment of the MC curve lying at and above the AVC curve. C. entire MC curve. D. segment of the MC curve lying below the AVC curve.
On a given day the quantity of money is ________ and the supply of money curve is ________
A) fixed; horizontal B) fixed; vertical C) variable; horizontal D) variable; vertical
The derived demand for labor is determined by
A. labor’s wage. B. labor’s marginal revenue. C. the marginal cost of the input labor. D. labor’s marginal revenue product.
Let Edt = -0.5. This implies that the demand for t is
A. inelastic, because if Pt decreases by $1, Qdt will increase by 0.5 units. B. inelastic, because if Pt decreases by 1 percent, Qdt will increase by 0.5 percent. C. elastic, because if Pt decreases by 1 percent, Qdt will decrease by 0.5 percent. D. elastic, because if Pt increases by 1 percent, Qdt will decrease by 0.5 percent.