ECN 110 : M TB Sample Questions Ch 13.pdf
16 Oct 2014
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Multiple choice identify the choice that best completes the statement or answers the question. ___: what is the amount of money that a firm pays to buy inputs called? total cost, variable cost, marginal cost, fixed cost. ___: xyz corporation produced 300 units of output but sold only 275 of the units it produced. The average cost of production for each unit of output produced was . Each of the 275 units sold was sold for a price of . What would total revenue for xyz corporation be: , , 125, 500. Tony is a wheat farmer, but he also spends part of his day teaching guitar lessons. Due to the popularity of his local country western band, tony has more students requesting lessons than he has time for if he is to also maintain his farming business. Tony charges an hour for his guitar lessons.
