Table 11-3 Table 11-3 Shows the Demand and Cost Schedules for a Price

question 169

Multiple Choice

Table 11-3
$\begin{array}{|c|c|c|c|c|}\hline \text { Quantity } & \begin{array}{c}\text { Price } \\\text { (dollars) }\end{array} & \begin{array}{c}\text { Total Revenue } \\\text { (dollars) }\end{array} & \begin{array}{c}\text { Total Variable } \\\text { Cost (dollars) }\end{array} & \begin{array}{c}\text { Total Cost } \\\text { (dollars) }\end{array} \\\hline 0 & \$ 21 & \$ 0 & \$ 0 & \$ 50 \\\hline 1 & 20 & 20 & 16 & 66 \\\hline 2 & 19 & 38 & 31 & 81 \\\hline 3 & 18 & 54 & 45 & 95 \\\hline 4 & 17 & 68 & 59 & 109 \\\hline 5 & 16 & 80 & 75 & 125 \\\hline 6 & 15 & 90 & 93 & 143 \\\hline 7 & 14 & 98 & 112 & 162 \\\hline 8 & 13 & 104 & 140 & 190 \\\hline 9 & 12 & 108 & 180 & 230 \\\hline 10 & 11 & 110 & 230 & 280 \\\hline\end{array}$ Table 11-3 shows the demand and cost schedules for a monopolistically competitive firm.
-Refer to Table 11-3.What is its average variable cost of production at its optimal output level?

• A) $0 (because its optimal output = 0)
• B) $15
• C) $14.75
• D) $29

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Definitions:

Oligosaccharides

Short chains of monosaccharide units bound together, found in many plants and used in various biological roles.

Emulsify Lipids

The process of breaking down fats and oils into smaller droplets, typically through the action of bile acids in the digestive system, to aid in lipid digestion and absorption.

Hydrochloric Acid

A highly corrosive, strong mineral acid with many industrial uses, but within the stomach, it aids in digestion and kills bacteria.

Biuret Reagent

A chemical solution used to test for the presence of proteins, by turning purple in their presence.