The Output Elasticity of Total Cost Is Equal To

question 58

Multiple Choice

The output elasticity of total cost is equal to:

• A)the slope of the isocost line.
• B)the ratio of marginal cost to average cost.
• C)the ratio of average cost to marginal cost.
• D)the ratio of average cost to total cost.

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Definitions:

Adventitious Buds

Buds that form in unusual places, such as on stems or roots, which can give rise to new plants.

Aboveground Shoots

Parts of a plant, including stems and leaves, that grow above the earth's surface and are involved in photosynthesis and reproduction.

Suckers

Structures that provide adhesion, found in some animals for attachment to surfaces, or in plants as a form of asexual reproduction or absorption.

Environmental Factors

Physical, chemical, and biological factors external to a person, and all the related factors impacting behaviours.