Output 0 1 2 3 4 5 6Total Cost ($) 24 33 41 48 54 61 69The average fixed cost of producing 3 units of output is:Multiple Choice$16$7.40$5.50$8$6

Refer to the table below. The marginal cost of the third unit of output is: Output Total fixed cost Total variable cost Average variable cost0 200 0  1 200 50 $50.002 200 90 45.003 200 120 40.004 200 160 40.005 200 220 44.00Multiple Choice$30.$40.$45.$50.

For 8 units of output, average fixed cost is $12.50 and average variable cost is $81.25. The total cost at this output level is ____________.

If you know that when a firm produces 10 units of output, total cost is $1,030 and average fixed cost is $10, then total variable cost isMultiple Choice$104.$930.$1,040.$1,130.

If you know that total fixed cost is $200, total variable cost is $600, and total product is 4 units, then average total cost must beMultiple Choice$200.$250.$800.$3,200.

By filling in the blanks in the cost schedule below, it can be determined that the total cost of the second unit of output is:QuantityTotal cost ($)Marginal cost ($)0200   1900 2 9003 3000   Question 7Select one:a.$700b.$0c.$900d.$1800e.$1000Clear my choiceQuestion 8Not yet answeredMarked out of 1.00Flag questionTipsQuestion textGross national expenditure ...... Question 8Select one:a.includes spending on imports by residents.b.includes all spending in the economy, including that on second-hand goods.c.includes transfer payments from government paid to residents abroad.d.includes spending on exports by foreigners.Clear my choiceQuestion 9Not yet answeredMarked out of 1.00Flag questionTipsQuestion textAs shown in the diagram below, the law of diminishing returns applies where there are:Question 9Select one:a.three workers per day.b.less than five workers per day.c.between two and five workers per day.d.five workers per day.e.more than five workers per day.Clear my choiceQuestion 10Not yet answeredMarked out of 1.00Flag questionTipsQuestion textEconomies of scale occur when:Question 10Select one:a.the long-run average cost curve increases as output increases.b.the long-run average cost curve remains unchanged as output increases.c.firms are producing in the long-run compared to the short-run.d.the long-run average cost curve decreases as output increase.