Suppose You Operate a Factory That Produces Gadgets

question 24

Multiple Choice

Suppose you operate a factory that produces gadgets. Your current output is 1,000 gadgets. If your fixed cost is $10,000 and your total cost is $50,000, the:

• A) average total cost of production is $500.
• B) average variable cost of production is $40.
• C) average variable cost of production is $50.
• D) marginal cost of production is $40,000.

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Definitions:

The Origin of Species

Refers to Charles Darwin's seminal work on evolutionary biology, proposing the theory of natural selection.

Darwin

Refers to Charles Darwin, the 19th-century naturalist known for his theory of evolution and the principle of natural selection.

Human Evolution

The lengthy process of change by which people originated from apelike ancestors, characterized by developments in physical, social, and intellectual capacities.

Developmental Scientists

Researchers who study the growth, change, and consistency across the lifespan of humans, from infancy through adulthood.