Pat's Catering Finds That When It Caters 20 Meals a Week

question 342

Multiple Choice

Pat's Catering finds that when it caters 20 meals a week, its total cost is $6,000. If Pat has total variable cost of $5,000, what is Pat's total fixed cost?

• A) $50
• B) $250
• C) $1,000
• D) $6,000

Recognize how personal preferences and income influence utility and purchase decisions.

Calculate the effects of market changes on demand using elasticity equations.

Interpret the implications of demand functions on market revenue.

Understand the concept of deadweight loss in market transactions.

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Definitions:

Eyeball

The organ of vision in the human body, spherical in shape, which captures light and processes it into signals sent to the brain.

Glaucoma

A group of eye conditions that can cause blindness by damaging the optic nerve, usually due to high pressure in the eye.

Liver Cirrhosis

A late stage of scarring (fibrosis) of the liver caused by many forms of liver diseases and conditions, such as hepatitis and chronic alcoholism.

African Americans

A racial or ethnic group in the United States with ancestry from any of the black racial groups of Africa.