Table 13-9
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​ -Refer to Table 13-9

question 12

Multiple Choice

Table 13-9
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​
$$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Labor } \\\text { (Number of w orkers) }\end{array} & \begin{array} { c } \text { Output } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Fixed Cost } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { Variable Cost } \\\text { (Dollars) }\end{array} \\\hline 0 & 0 & 30 & 0 \\\hline 1 & 100 & 30 & 15 \\\hline 2 & 180 & 30 & 30 \\\hline 3 & 240 & 30 & 45 \\\hline 4 & 280 & 30 & 60 \\\hline 5 & 300 & 30 & 75 \\\hline\end{array}$$
-Refer to Table 13-9. For the firm whose production function and costs are specified in the table, its average-total-cost curve is

• A)constant.
• B)decreasing.
• C)increasing.
• D)U-shaped.

Prepare financial statements from adjusted trial balance data.

Understand the process and purpose of reversing entries.

Analyze trial balance data for adjustments and closing.

Understand the process for closing accounts at the end of an accounting period.

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Definitions:

Consumer Surplus

The variance between the price consumers intend to pay for a good or service and the price they actually incur.

Marginal Utility

The extra pleasure or benefit gained by a consumer from using one more unit of a product or service.

Total Utility

The absolute gratification obtained from the utilization of a designated complete quantity of a good or service.

Total Utility

The total satisfaction received from consuming a certain amount of a good or service.