Author Question: The table above gives the cost of producing T-shirts. When 5 T-shirts are produced, the average ... (Read 64 times)

tuffie · **on:** Jun 29, 2018

The table above gives the cost of producing T-shirts. When 5 T-shirts are produced, the average fixed cost is ________ and the average variable cost is ________.

A) 4; 10
B) 10; 6
C) 5; 3
D) 4; 6

Question 2

When the price of a CD is 13 per CD, 39,000,000 CDs per year are supplied. When the price is 15 per CD, 41,000,000 CDs per year are supplied. What is the elasticity of supply for CDs?

A) 2.86
B) 0.35
C) 0.14
D) 0.05