Use the Following to Answer Question

question 38

Multiple Choice

Use the following to answer question:
-(Table: Output and Marginal Cost) Look at the table Output and Marginal Cost. After graduation you achieve your dream of opening an art shop that specializes in selling mud statues. How many statues should you produce to minimize your average variable costs?

• A) two
• B) three
• C) four
• D) five

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Definitions:

Per Capita Income

The average income earned per person in a given area in a specified year, often used to measure economic well-being.

Demand

The total quantity of a good or service that consumers are willing and able to purchase at a given price in a given time period.

Cable Television

A system of delivering television programming to paying subscribers via radio frequency signals transmitted through coaxial cables or digital light pulses through fiber-optic cables.

Per Capita Income

A measure of the average income earned per person in a certain area, such as a country or city, calculated by dividing the area's total income by its population.