Related to the Economics in Practice on P

question 220

Multiple Choice

Related to the Economics in Practice on p. 466: A recent study by economists at Yale University and the University of Chicago suggests that changing retirement plan enrollment options from "opt-in" systems to "opt-out" systems increased pension plan enrollment after three months of work from ________ percent of workers to ________ percent of workers.

• A) 80; 22
• B) 10; 100
• C) 65; 98
• D) 77; 42

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Definitions:

Total Cost

Total Cost is the complete cost of production, including both fixed and variable costs.

Average Fixed Cost

The total fixed costs of production divided by the quantity of output produced, showing how fixed costs per unit change with output levels.

Marginal Cost

The cost of producing one additional unit of a good or service, considering the variable costs involved.

Total Cost

The sum of all the expenses incurred in producing a good or service, including both fixed and variable costs.