Refer to Figure 11-9 above to solve the following problems
a. Calculate the fixed cost of production.
b. Calculate the average total cost of production when the firm produces 20 units of output.
c. Calculate the average variable cost of production when the firm produces 20 units of output.
d. Calculate the average fixed cost of production when the firm produces 20 units of output.
e. Calculate the average fixed cost of production when the firm produces 15 units of output.
f. If the firm increases output from 15 to 20 units, what is the marginal cost of output?
a. $100
b. $22.5
c. $17.5
d. $5
e. $6.67
f. $14
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The Ricardo-Barro effect says that a government budget deficit leads to
A) no change in the real interest rate. B) a lower real interest rate. C) an increase in the quantity of investment. D) a higher real interest rate. E) an increase in demand for loanable funds.
In the United States, the highest quintile of income earners contribute ________ of all federal tax dollars received, and the lowest quintile of income earners contribute ________ of all federal tax dollars received
A) 20%; 20% B) 68.8%; 0.4% C) 24%; 1.5% D) 29.4%; 11.5%