In the Following Table, Select the Quantity Interval in Which $$\begin{array} { c c } \text { PRICE } & \text { QUANTITY (UNITS) } \\\$ 40 & 10 \\30 & 16 \\20 & 22 \\15 & 28 \\10 & 40 \\5 & 60\end{array}$$

question 45

Multiple Choice

In the following table, select the quantity interval in which demand is elastic. $$\begin{array} { c c } \text { PRICE } & \text { QUANTITY (UNITS) } \\\$ 40 & 10 \\30 & 16 \\20 & 22 \\15 & 28 \\10 & 40 \\5 & 60\end{array}$$

• A) 28-40 units
• B) 40-60 units
• C) 10-16 units
• D) 16-22 units
• E) 22-28 units

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Definitions:

Economies of Scale

Enterprises achieve cost benefits from their operation size, resulting in a reduction of cost per output unit as the scale expands.

Average Variable Cost

The total variable costs divided by the quantity of output produced; it fluctuates with production volume.

Line Segment AB

A part of a line that is bounded by two distinct end points, A and B, and contains every point on the line between A and B.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional item changes with increased production.