If total cost is $1,000 when output is zero, and total cost is $1,200 when output is one, and total cost is $1,500 when output is two, then which of the following is true?
A. Total fixed cost is $1,500.
B. The marginal cost of producing the first unit of output is $1,200.
C. The marginal cost of producing the second unit of output is $300.
D. The average fixed cost is $750 when two units of output are produced.
Answer: C
Economics
You might also like to view...
It is the job of ________ to channel funds from ________
A) the Federal Reserve, borrowers to lenders B) the Federal Reserve, lenders to borrowers C) financial intermediaries, borrowers to lenders D) financial intermediaries, lenders to borrowers
Economics
When OPEC raised the price of oil in 2000 (gasoline prices were $2 per gallon), it contributed to
a. demand-pull inflation b. cost-push inflation c. demand-push inflation d. cost-pull inflation e. cost-push deflation
Economics