If each unit of labour costs $25 and the cost of capital is fixed at $100, then the average variable costs of 175 units of output is approximately... a. $1.00. b. 32 cents. c. 43 cents. d. 25 cents. e. 57 cents.
If each unit of labour costs $25 and the cost of capital is fixed at $100, then the average variable costs of 175 units of output is approximately... a. $1.00. b. 32 cents. c. 43 cents. d. 25 cents. e. 57 cents.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 19RQ: What shapes would you generally expect each of the following cost curves to have: fixed costs,...
Related questions
Question
Q49
| Labour per unit of time | Total output |
| 0 | 0 |
| 1 | 25 |
| 2 | 75 |
| 3 | 175 |
| 4 | 250 |
| 5 | 305 |
If each unit of labour costs $25 and the cost of capital is fixed at $100, then the average variable costs of 175 units of output is approximately...
a.
$1.00.
b.
32 cents.
c.
43 cents.
d.
25 cents.
e.
57 cents.
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