When choosing the production level for tomorrow you find that at an output of 100 units, the total variable costs are 20,000 and the average fixed cost is only 50 . If the market price is 200, you should:
a. b or e.
b. shut down.
c. produce more than 100 units.
d. produce fewer than 100 units.
e. produce where MC = MR.
Question 2
Price elasticities of supply are always:
a. the same as price elasticities of demand.
b. negative numbers.
c. positive numbers.
d. greater than one.
e. increased when a tax is imposed.
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.