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Questions
SESS0007_24-25 Mock test (shortened) for Assessment 1
Multiple choice
Suppose the short-run production function is [math: q=10L] , if the wage rate is £10 perunit of labour, then AVC equals:
Options
A.a. [math: q]
B.b. [math: q/10]
C.c. [math: 1]
D.d. [math: 10/q]
View Explanation
Standard Answer
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Approach Analysis
Question restatement: Given the short-run production function q = 10L, with wage rate w = £10 per unit of labor, determine AVC (average variable cost).
Option a: a. q
To evaluate AVC, we use AVC = VC / q. Variable cost VC = w × L. Fro......Login to view full explanationLog in for full answers
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Suppose the short-run production function is [math: q=10L] , if the wage rate is £10 perunit of labour, then AVC equals:
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