QUESTION 26 Table 5.4-Plant costs This table shows total costs at different outp

Question

QUESTION 26 Table 5.4-Plant costs This table shows total costs at different output levels for a given plant. Output (units per day) 010 20 30 40 Total cost (S per day) 40 6 88 120 180 In Table 5.4, fixed costs: 0 Increase as output increases. O Are equal to $40 O Are equal to zero Decrease as output increases QUESTION 27 Which of the following is an example of labor as a factor of production? People who are paid an hourly wage but not those paid a salary. A college or university that educates people. People who bring together the skills necessary for creating products and services. The skills and abilities of workers

Explanation / Answer

26) Fixed costs = $ 40 (cost when output is zero)

27) Labor as a factor of production : people who bring together the skills necessary for creating products and services.

23) All of the above are determinants of price elasticity (option 4)

24) Economic theories cannot be used to determine exact economic outcomes.

25) Supply would shift to the left: Equilibrium price would rise and quantity would fall. (option 3)

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