1) When Jasper LLC produces 500 units, the total cost is $8750;what is the average total cost?

1. 21.20
2. 21.00
3. 17.50
4. 19.21
5. none of the above

2) Jasper LLC's total cost is $10500 and the average total costis $17.50; how many units are they producing?__________

3) When Jasper LLC produces Q=700, ATC=17.50; what is TC?______

4)Refer to questions #5, #6, and #7. Jasper LLC isexperiencing

1. economies of scale.
2. constant returns to scale.
3. diseconomies of scale
4. a labor shortage

5) Suppose a consumer of oranges and tangerines is currently inequilibrium. If the price of tangerines falls, the consumer willattempt to restore equilibrium by:

A) buying more oranges

B )buying fewer tangerines

C) buying more tangerines

D) A and B

E) None of the above