The Manager of Greene Enterprises,Inc

question 32

Multiple Choice

The manager of Greene Enterprises,Inc.,recently estimated its average variable cost AVC) function to be Greene Enterprises faces total fixed costs TFC) of $300,000.If Greene Enterprises produces 6,000 units of output,what is estimated short-run marginal cost SMC) ?

• A)$45.60
• B)$62.40
• C)$83
• D)$92
• E)$100

Understand how technological improvements and wage changes affect the firm's use of capital and labor.

Understand the concepts of elastic and inelastic demand for resources, and how the presence of substitutes affects this elasticity.

Learn the effects of wage changes on the quantity of labor demanded and the elasticity of labor demand.

Understand the factors leading to shifts in the labor demand curve.

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Definitions:

Research Assistant

A position typically held by a graduate or undergraduate student, who supports academic or professional research tasks.

Blind Study

A type of research design in which the participants are unaware of certain key aspects of the study, such as whether they belong to the experimental group or the control group, to reduce bias.

Correlational

A research method used to determine the relationship between two variables without inferring a cause-and-effect relationship.

Case Study

A carefully drawn biography that may be obtained through interviews, questionnaires, and psychological tests.