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Wilbur's Widgets, a widget company, produces 100 widgets. Its average fixed cost is $5 and its ...

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Wilbur's Widgets, a widget company, produces 100 widgets. Its average fixed cost is $5 and its ...

Question 1.

Total variable cost ________ as output increases, and total fixed cost ________ as output increases.

▸ increases; increases

▸ increases; decreases

▸ increases; does not change

▸ does not change; does not change

Question 2.

Wilbur's Widgets, a widget company, produces 100 widgets. Its average fixed cost is $5 and its total variable cost is $300. What is the total cost of producing 100 widgets?

▸ $300

▸ $305

▸ $500

▸ $800

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 102 times

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Jax

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More solutions for this book are available here

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stevengu246 Author

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Exactly what I needed for my project, TYSM

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