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QUESTION 15 Consider a firm that has fixed costs of $300. The firm also faces a marginal cost of $600 for producing the first unit
QUESTION 15 Consider a firm that has fixed costs of $300. The firm also faces a marginal cost of $600 for producing the first unit of output, $200 for producing the second unit, and $100 for producing the third unit. What is the average total cost of producing three units of output? Enter a single number in the box below. QUESTION 16 Josh, a second-year MBA student, takes three hours off one evening and uses his car to go to a movie with a friend. A ticket to the movie costs Josh $8, gasoline for the trip costs $3, and Josh passed up tutoring a student that night for $20 an hour. He could also have used the three hours to work as a grader for a professor for $15 per hour. What is Josh's economic cost of going to the movie? Enter a single number
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