The Following Table Lists the Average Price of Home Listings

question 57

Multiple Choice

The following table lists the average price of home listings in Canada from January 2007 to January
2014. (See Connect for Data Set 7: CREA 2014) .

Forecast the average home price listing for Jan-15.

• A) $379 148
• B) $393 508
• C) $407 868
• D) $422 228
• E) $364 788

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Definitions:

Total Cost Curve

A graph that depicts how the total costs of production vary with the level of output.

Economic Profit

A measure of performance that captures the surplus generated from business activities after accounting for both explicit and implicit costs.

Shuts Down

A temporary or permanent cessation of operations by a firm when it is not covering variable costs of production or facing insolvency.

Total Cost

The entirety of spending on the production of products or services, incorporating both costs that are constant and those that can change.