Suppose Sarah owns a small company that makes wedding cakes. The table below shows how Sarah's total cost varies depending on the number of wedding cakes she makes each day.Number ofCakes Per DayTotal CostPer Day0$1001$1802$2203$3004$4005$5206$660Sarah's fixed cost is ________ per day.
A. $20
B. $200
C. $100
D. $10
Answer: C
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When a demand schedule is drawn as a graph,
A. price is measured on the vertical axis. B. quantity is measured on the horizontal axis. C. the resulting curve has a negative slope. D. the other variables (besides price and quantity) are held constant. E. All of these responses are correct.
The Second Bank of the United States was deemed unconstitutional and, therefore, its charter was not renewed
Indicate whether the statement is true or false
An important variable that is left out of economic models is
a. implicit costs. b. excess profits. c. entrepreneurship. d. the opportunity cost of resources.
When the average physical product is rising
A. marginal cost is always rising. B. total cost is falling. C. average total cost is increasing. D. average variable cost is falling.