Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 100 t-shirts, your average total cost is ________.
A. $10
B. $13
C. $3
D. $3.10
Answer: B
You might also like to view...
Refer to the above figure. Which diagram shows the effect on the market of Corn Flakes when the price of Corn Flakes has increased?
A) graph C B) graph D C) neither graph D) both graphs
If average cost is declining,
a. marginal cost must be below average cost. b. firms would go bankrupt if all prices were set equal to marginal costs. c. marginal cost may be declining or increasing. d. All of the above are correct.
Refer to the information provided in Figure 6.11 below to answer the question that follows.
Figure 6.11Refer to Figure 6.11. The opportunity cost for a day's worth of income is ________ of leisure.
A. 1 hour B. 10 hours C. 24 hours D. indeterminate from this information.
The ultimate distribution of a tax?s burden is the
A. tax structure. B. tax base. C. tax rate. D. tax incidence.