2. The total cost (TC) is $800 when the production level is 10 and $1,200 when the production level is 12, so the marginal cost is: a. $600 b. $200 c. $100 d. $80 3. Suppose the elasticity of demand for steaks is -2.5 when there is a 30% decrease in price. We can conclude that the quantity demanded increased by: a. 50% b. 75% c. 45% d. 10% 4. If at a price of $10, the quantity demanded is 10,000 units per day, and when the price increases to $15, the quantity demanded changes to 8,500 units per day, the price elasticity demanded is: to. -.2 b. -.4 c. -.3 d. -2.5 5. If Total Cost=$300 when the production level is zero, and Total Cost =$800 when the production level is 10 units, then the fixed cost per unit when the production level is 10 units is: to. $80 b. $30 c. $50 d. cannot be determined 6. If the total cost is $200 when the production level is zero, and $500 when the production level is 20, then the variable cost per unit is: to. $25 b. $300 c. $15 d. $10