Use the Following to Answer Question

question 285

Multiple Choice

Use the following to answer question:
-(Table: Cost Data) Use Table: Cost Data.The average fixed cost of producing 4 purses is:

• A)$12.50.
• B)$47.50.
• C)$50.00.
• D)$82.50.

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Definitions:

Total Revenue

The total amount of money a firm receives from the sale of its goods or services before any expenses are subtracted.

Quantity Demanded

The total amount of a good or service consumers are willing to purchase at a specific price level at a given time.

Elastic Demand

Elastic demand indicates that the quantity demanded of a good or service significantly changes in response to a change in price.

Necessity

Essential goods or services required for basic living and welfare of individuals.