\"Bake My Day\", the total cost of nal revenue product than technology A the fol

Question

"Bake My Day", the total cost of nal revenue product than technology A the following producing 20 cakes is $500. The marginal cost of producing the 21st a. The total cost of 21 cakes is $568. b. The average variable cost of 21 cakes is $23 cakes ake My Day is experiencing diminishing marginal productivity d· The average total cost of 21 cakes is $25.33 39. What effect is due to a pric with a new marginal rate of substitution? a. the substitution effect b. the budget effect c. the preference effect d. the income effect e change that moves the consumer along the same indifference curve to a point 40. Assume that the demand and supply curves sme wilt hapeoks are elasic If the government imposes a $00 tax on the buyer of each truck, what can we adecrease by exctly Sshe price of a truck? a. The equilibrium price of a truck will increase by exactly s500 c. The equilibrium price of a truck will decrease by less than d. The equilibriumpri of a natural monopoly? 41. What is the defining chan ower he nt ne of out stic of a natu b. c. constant average fixed costs over the releOtput constant marginal cos constant returns to scale over the relev a. t marginal cost over the relevantanePoly t range of range of out output put d increasing returns to scale over the relevant Page 11 d

Explanation / Answer

Because of impose of tax of $500, there will be an increase in price of truck by less than $500.

OPTION C

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