Refer to Figure 11-9 above to solve the following problems.
a. Calculate the fixed cost of production.
b. Calculate the average total cost of production when the firm produces 20 units of output.
c. Calculate the average variable cost of production when the firm produces 20 units of output.
d. Calculate the average fixed cost of production when the firm produces 20 units of output.
e. Calculate the average fixed cost of production when the firm produces 15 units of output.
f. If the firm increases output from 15 to 20 units, what is the marginal cost of output?
Question 2
Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for 325 or 400.
Krueger found that (a) 94 percent of those surveyed would not have paid 3,000 for their tickets, and (b) 92 percent of those surveyed would not have sold their tickets for 3,000. These results are evidence of
A) the high value fans place on watching the Super Bowl in person, rather than on television.
B) the failure of consumers to ignore sunk costs.
C) consumers being overly optimistic about their future behavior.
D) the failure of consumers to take into account nonmonetary opportunity costs.
C. Wright Mills (1916-1962) was a controversial figure in sociology because of his analysis of the ...
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