The Below Figure Shows the Various Combinations of the Goods

question 2

Multiple Choice

The below figure shows the various combinations of the goods X and Y that yield different levels of utility.Figure 7.3

-Assume that one laborer produces 6 units of output, two laborers produce 14 units, three produce 20 units, and four produce 24 units. If the cost is $20 per unit of labor and fixed costs are $100, what is the average total cost of producing 14 units of output?

• A)$50
• B)$20
• C)$10
• D)$100
• E)$40

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Definitions:

Replenish Inventory

The process of restocking products or materials to maintain adequate levels to meet consumer or production demands.

Resellers

Businesses or individuals that purchase goods from manufacturers or wholesalers to sell them to the end consumer, often adding value through services or support.

Personal Selling

A form of direct marketing involving face-to-face interaction between a salesperson and a potential buyer to close a sale.

Order Taking

The process of recording or receiving orders for goods or services from customers.