-The Table Above Shows a Total Product Schedule

question 259

Multiple Choice

-The table above shows a total product schedule.Suppose that labor costs $20 per worker and fixed costs are $60.The total variable cost of producing 80 units equals

• A) less than $50.
• B) more that $50 and less than $70.
• C) more than $70 and less than $90.
• D) more than $90 and less than $120.
• E) more than $120.

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Definitions:

Q

Generally denotes quantity in economic and mathematical models, referring to the amount of goods or services.

School of Thought

A particular philosophy or a specific way of thinking that is characteristic of a certain group or period.

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Velocity of Money

The rate at which money circulates in the economy, typically measured as the ratio of GDP to the national money supply.