Question

a) The average product is total product / total quantity , 18 / 3 = 6. the answer is "D".

b) "A"

Firm uses more of the variable input and fixed input are fixed that leads to a lower marginal output.

c) "D"

rent paid on the ten year lease will be considered as fixed cost because that will be paid no matter the firm is producing or not.

d) "A"

it is the sum of all costs that increases as the firm increase the output.

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