The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. If 95 units are produced, the average total cost is

If the demand for U.S. dollars goes up, the exchange rate will.

A) increase and, as a result, net exports in the United States will decrease. B) decrease and, as a result, net exports in the United States will increase. C) increase and, as a result, net exports in the United States will increase. D) decrease and, as a result, net exports in the United States will decrease.

At a price of $10, quantity demanded is 30 units. When the price rises to $11, quantity demanded is 24 units. What is the absolute price elasticity of demand?

A) 0.5 B) 0.43 C) 2.33 D) 6.0