Refer to the Following Table

question 171

Multiple Choice

Refer to the following table.What is the average variable cost of producing three units of the good?

• A) $80
• B) $120
• C) $140
• D) $20
• E) $420

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Definitions:

Chattel

Personal property that can be moved from one place to another, such as furniture or vehicles.

Intangible Personal Property

Property that does not have a physical presence but holds value, such as patents, copyrights, trademarks, and financial assets.

Substance

A fundamental or essential component of a matter; often refers to the material from which something is made.

Gift Causa Mortis

A gift made in contemplation of imminent death where the giver transfers personal property to another, with the gift becoming permanent if the giver dies as contemplated.