Question

Use the following data to answer questions # 5-6 Quantity of Output Total Fixed Cost $50 50 $50 $50 $50 50 $50 $50 Total Variable Cost $40 568 590 $100 $150 $240 $315 $400 5. Using the information in the table above, the average total cost of producing five units of A] $40 (8] $50 C] $150 D] $200 ing the infomation in the table above, the marginal cost of the seventh unit of output is [A] $50 B] S75 [C) $240 D] $315 7. The increased interest in historical tourism has made the significant investment in fixed costs of historic castles and homes profitable in which of these countries? [AJUSA B] Iceland. [C] Israel D] Ireland 8. The perfectly competitive coffee bean market makes life very complicated for farmers in [A] Canada. [B] Egypt [C] England. D] Colombia.