Suppose the Total Cost of Producing T-Shirts Can Be Represented

question 50

Multiple Choice

Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q.The average cost of the 5th T-shirt is

• A) 2.
• B) 12.
• C) 52.
• D) 60.

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Definitions:

Annual Family Income

The total amount of money earned by members of a family in one year, including wages, salaries, benefits, and other income sources.

Income Distribution

The way in which a nation’s total GDP is spread amongst its population, affecting the economic equality or disparity in a society.

Equitable Distribution

A principle aiming for a fair allocation of resources and wealth across society. It doesn't necessarily mean equal distribution but focuses on ensuring individuals have fair access to resources and opportunities.

Allocation of Resources

The process of distributing scarce resources among various uses or competing demands to maximize output or efficiency in an economy.