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a. Complete the following table and answer two questions about costs. Instructions: Enter your responses rounded to the nearest whole dollar. If you are entering
a. Complete the following table and answer two questions about costs. Instructions: Enter your responses rounded to the nearest whole dollar. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Rate of Output Total Cost Marginal Cost Average Cost 0 $ 20 1 $ 30 2 $ 45 3 $ 67 4 $ 100 5 $ 140 b. What output has the lowest per-unit cost equal to marginal cost? units c. What is the value of fixed costs? Suppose the following data describe a nation's population: Year 1 Year 2 Population 74 million 77 million Labor force 40 million 44 million Unemployed 2 million 2.5 million Instructions: Round your responses to two decimal places. a. What is the unemployment rate in each year? Year 1: Year 2 b. Between Year 1 and Year 2, (i) the number of unemployed persons O did not change. O decreased. O increased (ii) the unemployment rate O increased. O did not change. O decreased
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