Author Question: Which of the following best describes average variable cost? a. The change in total cost when one ... (Read 123 times)

Mr.Thesaxman · **on:** Jun 30, 2018

Which of the following best describes average variable cost?
a. The change in total cost when one additional unit of output is produced.
b. Total cost divided by the quantity of output produced.
c. Total variable cost divided by the quantity of output produced.
d. Total fixed cost divided by the quantity of output produced.
e. Costs that do not vary as output varies.

Question 2

From 2009 to 2013, the price level in the U.S. has increased by 8.3 percent. This implies that the price index in 2012 was:
a. 108.3.
b. 183.
c. 100.
d. 98.3.
e. 92.7.