Average total costs are
A) total costs divided by total output.
B) total output divided by total costs.
C) the change in total costs divided by the change in output.
D) the change in output divided by the change in total costs.
A
You might also like to view...
Suppose the extra cost to a car wash of advertising one additional day each month on a local radio station is $175
Then, the car wash should advertize that one additional day each month if doing so brings in additional revenue of $175 or more each month. Indicate whether the statement is true or false
Movie theatres offer senior discounts because
a. Seniors have a more elastic demand for movie tickets b. Seniors have lower incomes c. Seniors have a lower opportunity cost of time d. All of the above
A decline in real income
a. can occur only if there is a decline in nominal income b. can occur only if there is an increase in the price level c. can occur only if there is either a decline in nominal income or an increase in the price level d. cannot occur if there is either an increase in nominal wages or a decline in the price level e. can occur only if there is a decline in the price level
The concept of money as a “unit of account” involves the use of money to
A. speed transactions. B. reduce shopping time. C. protect against inflation. D. quote prices.