In 2010, India's Middle Class Included Anyone With

question 38

Multiple Choice

In 2010, India's middle class included anyone with:

• A) a cell phone, motorized transportation, and a color TV.
• B) a salary of between $30,000 and $50,000 per year
• C) IT experience
• D) none of these

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Definitions:

Average Total Cost

Average Total Cost is the total cost of production divided by the total quantity produced, reflecting the cost per unit of output.

Average Fixed Cost

This is the total fixed costs of production divided by the number of units produced, reflecting how these costs spread out over the output.

Average Variable Cost

The total variable cost divided by the quantity of output produced.

Average Fixed Costs

The fixed costs of production divided by the quantity of output produced, illustrating how fixed costs per unit decrease as production increases.