1. The average fixed cost of producing five widgets is a. $1.00 b. $2.00 c. $3.0

Question

1. The average fixed cost of producing five widgets is a. $1.00 b. $2.00 c. $3.00 d. None of the above are correct. 2. The average variable cost of producing four widgetsis a. $2.00 b. $2.50 c. $3.33 d. $5.00 3. The average total cost of producing one widget is a. $1.00 b. $10.00 c. $11.00 d. $22.00 4. The marginal cost of producing the sixth widgetis a. $1.00 b. $3.50 c. $5.00 d. $6.00 5. What is the variable cost of producing zero widgets? a. $0 b. $1.00 c. $10.00 d. $11.00 6. What is the marginal cost of producing the firstwidget? a. $1.00 b. $10.00 c. $11.00 d. It cannot be determined from the information given. 7. What is the variable cost of producing five widgets? a. $13.00 b. $14.00 c. $15.00 d. It cannot be determined from the information given.

Explanation / Answer

1. b 2. b 3. c 4. d 5. a 6. a 7. c

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