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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