Jim's Burgers produces 500 burgers per week. He can sell as many burgers as he can cook for 3 . ...

Jim's Burgers produces 500 burgers per week. He can sell as many burgers as he can cook for 3 . What is the marginal revenue from selling the 50th burger?
 a. 3
 b. 150
 c. 147
 d. It cannot be determined with the information given

QUESTION 2

By focusing the customers on the price of a product, you make
 a. The demand for the product more inelastic
 b. The customers less price sensitive to the product
 c. Both A & B
 d. None of the above

QUESTION 3

Average cost of production is
 a. Total variable cost divided by total units produced
  b. Equal to marginal cost
 c. Total fixed cost divided by total units produced
  d. Total cost divided by total units produced

QUESTION 4

By focusing the customers on the price of a product, you make
 a. The demand for the product more inelastic
 b. The customers less price sensitive to the product
 c. The demand for the product more elastic
 d. Only B&C

QUESTION 5

With fixed costs of 200, a firm has average total costs of 5 and average variable costs of 3 . Its output is:
 a. 66.67 units.
 b. Need more information
  c. 100 units.
 d. 40 units.

QUESTION 6

By focusing the customers on the price of a product, you
 a. Increase your chances of engaging in a price war with your competitors
 b. Make the customers more price sensitive to the product
 c. Make the demand for the product more elastic
 d. All of the above

QUESTION 7

If a firm produces 8 units of output with average fixed cost=40 and average variable cost=25, what is its total variable cost?
 a. 200
 b. 320
 c. 1,000
  d. 650