Table 21.2Output (units per day)0102030Total cost (dollars per day)$40$54$62$80For the output levels in Table 21.2, the minimum of the average variable cost curve occurs at a production rate of
A. 10 units per day.
B. 30 units per day.
C. 20 units per day.
D. Zero units per day.
Answer: C
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Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Refer to the table above. After applying the second bag of fertilizer, the farmer experienced:
A. increasing returns. B. diminishing returns. C. constant returns. D. negative returns.
Draw supply and demand curves. Show the impact of an increase in demand on the price and quantity exchanged in the market. Show the impact of a decrease in demand on the price and quantity exchanged in the market.
What will be an ideal response?
Entry into the information technology industry becomes more attractive the more firms there are because of the increased availability of already trained workers. Given this trend, it appears that information technology is
a. an increasing-cost industry. b. a constant-cost industry. c. a decreasing-cost industry. d. a government subsidized industry.
Suppose at a price of $50, Yoshi's Jazz Bar sells 20 tickets to its nightly jazz performance and at a price of $40, it sells 25 tickets. Based on this information, the demand for Yoshi's jazz performance is elastic
Indicate whether the statement is true or false