The Table Given Below Shows the Total Fixed and Variable

question 58

Multiple Choice

The table given below shows the total fixed and variable costs of a firm. Table 21.3
In Table 21.3, the average fixed cost of the first unit of output is ____ while the average fixed cost of producing 8 units of output is ____.

• A)$30;$40
• B)$40;$5
• C)$40;$40
• D)$40;$280
• E)$40;$320

Appreciate the significance of social identity in group behaviour and attitudes.

Explain the mechanisms of collective behaviour and how social protests happen.

Evaluate the evidence supporting realistic conflict theory and its limitations.

Understand the implications of social dilemmas and their impact on the commons.

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Definitions:

Close Substitutes

Goods or services that can be used in place of each other with relative ease by consumers, based on similar features, functions, or effects.

Elastic

In economics, elasticity refers to the degree to which demand or supply responds to changes in price. High elasticity means a significant change in quantity with a small change in price.

Unit-elastic

A situation in which the percentage change in quantity demanded is equal to the percentage change in price, indicating a unitary elasticity of demand.

Labor Demand

Refers to the quantity of workers that employers are willing to hire at a given wage rate.