Liberty University ECON 213 quiz 8 complete Answers | Rated A+$ 14.00

Liberty University ECON 213 quiz 8 complete Answers | Rated A+

More than 10 different versions

Question 1

Steve owns a bike store. His total costs are $1.2 million per year, his variable costs are $750,000, and his fixed costs are $450,000 per year. Last year, Steve sold 1,200 bikes. If Steve sells 1,250 bikes this year (50 more than last year) and his average total cost increases to $1.28 million, we know that the:

Question 2

Steve owns a bike store. His total costs are $1.2 million per year, and his fixed costs are $450,000 per year. This means that his variable costs are:

Question 3

Explicit costs are:

Question 4

Refer to the following graph to answer the questions that follow.

The average total cost (ATC) and average variable cost (AVC) converge as the level of output produced Selected Answer: d. average fixed cost decreases as output increases.

Question 5

The change in total output divided by the change in input is known as:

Question 6

When output is 100 units, the firm’s total fixed cost is $500. What will this firm’s total fixed cost be if output doubles to 200 units?

Question 7

Darrell is the owner of a furniture store. Last year, his total revenue was $525,000 and his total labor costs were $200,000. His overhead expenses, including insurance and legal fees, were $175,

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