If average total costs are $40 and average variable cost are $20 at 10 units of output and the marginal cost of the 11th unit is $30, what is the average total cost of 11 units?

Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market quantity will be

A) below Q1. B) above Q3. C) between Q1 and Q3. D) Q2.

Graphically illustrate (using the WS and PS relations) and explain the effects of a reduction in the markup on the equilibrium real wage, the natural rate of unemployment, the natural level of employment, and the natural level of output

What will be an ideal response?