Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt is
举一反三
- The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 200 + 5Q. What is the average variable cost?
- The total annual cost is the sum of annual material cost, annual order cost, and annual holding cost, and is given as TC = CD + (D/Q)S + (Q/2)hC.
- A competitive firm maximizes profit by choosing the quantity at which ( ) A: average total cost is at its minimum. B: marginal cost equals the price. C: average total cost equals the price. D: marginal cost equals average total cost.
- A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its ____ A: marginal revenue B: average total cost C: average variable cost. D: average fixed cost.
- Suppose a country produces only bikes and clothing. The country achieves an efficient allocation of resources when A: it can't produce any more bikes unless it gives up clothing. B: it produces equal amount of bikes and clothes. C: the marginal social benefit of producing a bike equals the marginal social cost of producing a bike. D: the prices charged for the goods are as low as possible.