The Sunshine Corporation finds 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.OutputTVC1$302503654855110Refer to the above information. The total cost of producing 3 units of output is:
A. $185.
B. $105.
C. $65.
D. $145.
Answer: B
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Refer to the scenario above. Thomas's arc elasticity of demand for wine is:
A) -0.33. B) -0.67. C) -0.25. D) -1.
Assume the income elasticity of a good has been calculated to be +0.83. Based on this information, we can infer that the good is:
A) a normal good and a luxury. B) an inferior good and a necessity. C) a normal good and a necessity. D) an inferior good and a luxury.
If the Congress passes legislation to increase government spending to counter the effects of a recession, then this would be an example of a(n):
A. expansionary fiscal policy. B. supply-side fiscal policy. C. nondiscretionary fiscal policy. D. contractionary fiscal policy.
In the figure above, the demand is unit elastic
A) at the point where the price is $3.00 per cup B) at the point where the price is $2.00 per cup C) at the point where the price is $4.00 per cup D) at the point where the price is $2.50 per cup E) at all points along the demand curve