Refer to the information. The average fixed cost of 3 units of output is:
The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question.
A. $13.33.
B. $12.50.
C. $40.
D. $18.50.
A. $13.33.
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When total utility is at its maximum what must be the value of marginal utility?
What will be an ideal response?
Which of the following is not a feature of an efficient tax?
a. An efficient tax should minimize the excess burden of taxation. b. An efficient tax should have low compliance costs. c. An efficient tax should be equitable. d. An efficient tax should be easy to monitor and administer.
Based on past experience, if a country is experiencing hyperinflation, then which of the following would be a reasonable guess?
a. The country has high money supply growth. b. Inflation is acting like a tax on everyone who holds money. c. The government is printing money to finance its expenditures. d. All of the above are correct.
Refer to the graph shown. If this monopolist were allowed to choose the profit-maximizing level of output, it would produce:
A. 200 units of output. B. 450 units of output. C. 125 units of output. D. 400 units of output.