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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define total fixed costs.
💡 Hint: Think about costs that remain the same each month.
Question 2
Easy
What happens to variable costs when production increases?
💡 Hint: Consider materials and labor as output rises.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What are total fixed costs?
- Costs that change with output
- Costs that remain constant
- Costs that vary periodically
💡 Hint: Think about expenses that do not increase as sales increase.
Question 2
True or False: Variable costs decrease as production increases.
- True
- False
💡 Hint: Relate this to inputs needed for manufacturing.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A firm has fixed costs of $10,000 and variable costs of $3 per unit produced. Calculate the average cost if 1,000 units are produced.
💡 Hint: Add fixed and variable costs first before averaging.
Question 2
In a competitive market, a firm notices its marginal costs start rising as output increases. Discuss the potential implications for its pricing strategy.
💡 Hint: Connect cost rises with pricing strategies.
Challenge and get performance evaluation