Assume that you have data on a firm's average fixed cost and average variable cost for various levels of output and you are asked to calculate the total variable cost and total cost of the firm
Would this be enough information to perform this calculation? Explain
This would be enough information. Total variable cost can be can be calculated by taking the average variable cost and multiplying times the output level. Total fixed costs can be derived by taking the average fixed costs and multiplying it times the level of output. The total cost of the firm is simply the sum of both of these figures.
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To attract more bidders, and more aggressive bidders, to your common-value auction
a. reveal all of the relevant information about the value of the object b. don't allow bidders to know how others are bidding c. do not allow potential bidders to examine the object too closely d. do not hold oral auctions
In macroeconomics, _____ refers to the purchase of new capital
Fill in the blank(s) with correct word