Homework Answers
Ans) the correct option is a) $ 0.91
Average variable cost = Variable cost / output
= 2* 10/22
= 20/22 = 0.91
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Question 31 (5 points) Refer to Table 8.1. Assume the wage rate is $10 and the...
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Question 10
Refer to the following graph to answer the questions that
follow.
The average total cost (ATC) and average variable cost (AVC)
converge as the level of output produced increases because:
the firm is able to purchase more capital and exploit economies
of scale.
the firm experiences gains in productivity from employee
specialization.
average total cost decreases as output increases.
average fixed cost decreases as output increases.
the firm is able to drive its competitors out of business by...
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Question 10
Refer to the following graph to answer the questions that
follow.
The average total cost (ATC) and average variable cost (AVC)
converge as the level of output produced increases because:
the firm is able to purchase more capital and exploit economies
of scale.
the firm experiences gains in productivity from employee
specialization.
average total cost decreases as output increases.
average fixed cost decreases as output increases.
the firm is able to drive its competitors out of business by...
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