Wenqin Is a Farmer, and in the Short Run She

question 206

Multiple Choice

Wenqin is a farmer, and in the short run she produces 100 bushels of wheat. Her average total cost per bushel is $1.75, total revenue is $450, and total fixed costs are $100. Wenqin's:

• A) average fixed cost is $1.50.
• B) profit per bushel is $2.75.
• C) average variable cost is $1.25.
• D) economic profit is $250.

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Definitions:

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The means by which information is encoded, stored, processed, and retrieved, particularly in the human mind or in computers.

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A German physiologist and psychologist who is credited with founding experimental psychology as a formal academic discipline.