26. The law ot d to combinturnslapies that as additional units of ned vith a fix

Question

26. The law ot d to combinturnslapies that as additional units of ned vith a fixed resouros C. at sone d. at soae e point output begins to declLns cost begina to zlne Use the table below to answer tho nest e point the additicns to outpat begin to decline Poant avezage tixed coat begins to deoline Unite of 10,000 1.000 2.000 27. Given the total cost schedule above, a production level of its, the marginal cost (per u )of producing an additional 1000 unita is a. $B0.00 d. $12.00 28. Given the total cost schedule above, che avarage cost of produo 12,000 units of output iss a. $12.00 b. 6.00 5.08 d. $5.00 29. Given the total cost schedule above, the average variable cost producing 13,00 units of output is: a. $5.00 b$5.08 C. $5.23 d. the average vartable cost cannot be determined Erom the schedu: of total cost listed above 30. thich of the following is not a basic postulate of consumer behavic a. consumers desire a multitude of goods simultaneously b. consumers are faced with an income constraint c. consumers always purchase the least expensive gocds d consumers desire to maximize their satisfaction from spend their limited funds

Explanation / Answer

26.c, because law of diminishing returns state that as fixed input remains constant and variable input varies than addition of variable factor to total output decline.

27.a, MC = 61000-55000= 6000

28. c, AC = TC/Q = 5.08

29. a, AC= TC/ Q =5

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