Suppose That Real Domestic Output in an Economy Is 20

question 115

Multiple Choice

Suppose that real domestic output in an economy is 20 units,the quantity of inputs is 10,and the price of each input is $4.
-The per unit cost of production in the economy described above is:

• A) $.50.
• B) $1
• C) $2
• D) $5

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Definitions:

Revenue Functions

Mathematical models that describe how a company's revenue is related to the selling price of its products and the quantity of products sold.

Expense E

This is not a standard financial term and more context is needed for a specific definition. NO.

Fixed Expenses

Costs that do not change in amount and are required to be paid on a regular basis, such as rent, insurance premiums, and loan payments.

Demand Function

A mathematical representation of the relationship between the quantity demanded of a good and its price, along with other factors.