Ch11_12_part2_Practice_Problems

# Price is less than average total cost b price is

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Unformatted text preview: s the value of O? a. \$40 b. \$140 c. \$360 d. \$410 36. Refer to Table 3. What is the value of P? a. \$50 b. \$140 c. \$360 d. \$410 37. Refer to Table 3. What is the value of Q? a. \$16.67 b. \$50 c. \$136.67 d. \$360 38. Refer to Table 3. What is the value of R? a. \$16.67 b. \$50 c. \$136.67 d. \$360 Table 4 Output 0 10 20 30 40 50 Total Cost \$40 \$60 \$90 \$130 \$180 \$240 39. Refer to Table 4. What is the total fixed cost for this firm? a. \$20 b. \$30 c. \$40 d. \$50 40. Refer to Table 4. What is average fixed cost when output is 40 units? a. \$1.00 b. \$3.32 c. \$5.00 d. \$8.00 Figure 1 Suppose a firm operating in a competitive market has the following cost curves: 41. Re...
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