A firm produces 1000 units per week. It hires 10 full-time workers (40 hours/week each) at an hourly wage of 20 . Raw materials costs 5 per unit. Rent for the factory is 1,500 per week. What are the overall costs for the week?
a. total variable cost is 5,000 . total fixed cost is 1,500; total cost is 6,500
b. total variable cost is 13,000 . total fixed cost is 9,500; total cost is 22,500
c. total variable cost is 13,000 . total fixed cost is 1,500; total cost is 14,500
d. total variable cost is 5,000 . total fixed cost is 9,500; total cost is 14,500
Question 2
After a massive promotional campaign of Justin Bieber's latest music album, the producers decided to raise the prices on the album. This implies that the producers expect the promotion to have made the demand for the album
a. More elastic
b. Unitary elastic
c. Perfectly elastic
d. More inelastic
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