If Total Cost Is 100, Total Fixed Cost Is 30

question 104

True/False

If total cost is 100, total fixed cost is 30, and output is 20, average variable cost is 3.5.

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Definitions:

Value Judgments

Assessments or opinions made based on a set of criteria or moral standards rather than factual evidence alone.

Marginal Costs

The increase or decrease in the total costs incurred by producing one additional unit of a product or service.

Resources Scarcity

The economic problem of having seemingly unlimited human wants in a world of limited resources.

Consumer's Income

The total amount of earnings available to an individual or household to spend or save after taxes.