Question 1
When it produces 100 units, a firm's total variable cost is $ 300 and its total fixed cost is $ 2700. What is the average total cost?
A
$ 3
B
$ 24
C
$ 27
D
$ 30
Question 2
[Maximum number: 1]
What is a definition of a firm's revenue?
A
money received from sales
B
sales volume
C
surplus over costs
D
tax payments
A
Question 3
[Maximum number: 1]
The table shows a firm's average revenue and average cost at different levels of output.
When all output is sold, which level of output generates the most profit?
output
(units)
average
revenue (US$)
average
cost (US$)
5
10
30
10
20
20
15
25
15
20
30
18
D
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