If a monopolistically competitive firm earns $500,000 by selling 25,000 units of output, the price of its product is $25

The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total cost of producing 80 units equals

A) less than $5. B) more than $5 and less than $110. C) more than $110 and less than $120. D) more than $120 and less than $150. E) more than $150.

A fall in the price of lemons from $10.50 to $9.50 per bushel increases the quantity demanded from 19,200 to 20,800 bushels. The price elasticity of demand is

A) 0.80. B) 1.20. C) 1.25. D) 8.00.