Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day
If Cindy produces 20 sweaters per day, what is her average fixed cost of production? A) $3.00
B) $3.33
C) $8.00
D) $11.00
A
Economics
You might also like to view...
If the federal government wishes to move the economy out of a recessionary gap, the appropriate fiscal policy is a(n)
a. increase in taxes. b. decrease in government purchases. c. decrease in transfer payments. d. None of the above are correct.
Economics
Under autarky, consumer surplus is represented by the area
A) above the supply curve and below the equilibrium price. B) above the supply curve and below the demand curve. C) below the demand curve and above the equilibrium price. D) above the demand curve and below the supply curve.
Economics