If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25,what is its average cost?
A) $32
B) $20
C) $65
D) $100
Correct Answer:
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Q32: When economists speak of "marginal",they mean
A)Opportunity
B)Scarcity
C)Incremental
D)Unimportant
Q33: Marginal revenue is_.
A)The cost of producing an
Q34: Jim's Burgers produces 500 burgers per week.He
Q35: Jim's Burgers produces 600 burgers per week.Each
Q36: With fixed costs of $200,a firm has
Q38: If a firm produces 8 units of
Q39: Marginal cost
A)Is the incremental cost incurred by
Q40: Average cost of production is
A)Total variable cost
Q41: Which of the following is FALSE?
A)Increase production
Q42: Harvey's Hardware is thinking about starting a
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