Study the table below and answer the questions that follo Output units Total costs Average costs
(TC)
(ATC)
0
10
1
20
20
2.
28
3
34
11.3
4
38
9.5
5
42
8.4
6
48
8
7
56
8
8
72
9
2.1
2.2
Identify the value of the fixed costs.
Give an example of a fixed cost.
Briefly describe the term marginal cost.
Explain the intersection point of ATC and MC using in
2.3
2.4
2.5
Differentiate between the short run and long run.
QUESTION 3
3.1
3.2
Name TWO products with an inelastic demand.
What is the significance of price elasticity of demand to
Distinguish between normal and inferior goods.
3.3
4​

Which of the following statements about brand names is true? brand names give the seller an incentive to provide consistently high-quality products and services in order to protect the reputation of the brand. brand names are always economically wasteful since they dupe consumers into buying more expensive goods and services that are no different from generic versions. it is always rational to prefer brand names over generic substitutes. read the following example and determine whether it illustrates a common critique or defense of advertising. musashi sees a commercial for a brand x clothing company that depicts the wearers of the clothes out having a good time with friends. although he doesn't particularly need new clothes, the commercial prompts him to buy a brand x t-shirt.

Seattle bank’s start-up division establishes new branch banks. each branch opens with three tellers. total teller cost per branch is $96,000 per year. the three tellers combined can process up to 90,000 customer transactions per year. if a branch does not attain a volume of at least 60,000 transactions during its first year of operations, it is closed. if the demand for services exceeds 90,000 transactions, an additional teller is hired and the branch is transferred from the start-up division to regular operations. required what is the relevant range of activity for new branch banks

Governments sometimes erect barriers to trade other than tariffs and quotas. which of the following is not an example of this type of trade barrier? a. a requirement that the employees of domestic firms that engage in foreign trade pay income taxes b. restrictions on imports for national security reasons c. a requirement that imports meet health and safety requirements d. a requirement that the u. s. government buy military uniforms only from u. s. manufacturers