ECO102Summer2014 (online) Exam3 35questionsworth3pointseach+105possiblepoints(5extracreditpointsbuiltin) 1.Ifafirmshutsdownforaweek,duringthatweek: A.totalcostiszero. B.totalcostequalstotalfixedcost. C.totalcostequalstotalvariablecost. D.totalvariablecostexceedstotalfixedcost. 2.Averagefixedcost: A.isconstantanddoesn’tvarywithoutput. B.increasesasoutputincreases. C.decreasesasoutputincreases. D.equalstotalcostdividedbyoutput. 3.Afirmisproducing100unitsofoutputatatotalcostof400.Thefirm’saverage variablecostis3perunit.Whatisthefirm’stotalfixedcost? A.1 B.50 C.100 D.300 4.Refertothetableshown.Iftheoutputofbicyclesis4perweek,themarginalcostof producinganotherbicycleperweekis: A.110. B.120. C.130. D.140. […]