A firm's marginal cost is 30, its average total cost is 50, and its output is 800 units. Its total cost of producing 801 units is
A) less than 40,000.
B) between 40,000 and 40,050.
C) between 40,050 and 40,080.
D) greater than 40,080.
Question 2
The tax on insulin in the Philippines is anywhere between 10 and 20 percent. If you are rich and living in the Philippines, this is not a problem, but if you are poor, then insulin becomes something that you cannot afford.
If the government places the tax on sellers, what is the effect on the supply and demand curves? A) The demand curve stays the same and the supply curve shifts leftward.
B) The demand curve shifts rightward and the supply curve stays the same.
C) Both the demand and supply curves shift leftward.
D) The demand curve shifts leftward and the supply curve stays the same.
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