Corporations are responsible for approximately what percentage of total business revenues?

Assume that you know the following cost information about Fred's widget company: Its fixed cost is $9, and its total variable cost is $6 for 1 unit; $11 for 2; $ 15 for 3; 20 for 4; and 26 for 5 . Given the above information, a. the marginal cost of the third unit is greater than the marginal cost of the first unit. b. the marginal cost of the fourth unit is the same as the marginal cost of the

second unit. c. the average variable cost of four units is the same as for three units. d. both (b) and (c) are correct.

If the average income of the consumers of Good A increased from $400 to $440, and the quantity demanded of Good A increased from 1,200 units to 1,300 units, then the income elasticity of demand for Good A is equal to:

a. 1.65. b. 1.16. c. 0.35. d. 0.84.