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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define fixed costs and give an example.
💡 Hint: Think about costs that remain constant even if you don't produce anything.
Question 2
Easy
What are variable costs? Provide one example.
💡 Hint: These costs go up or down based on how much you produce.
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 type of costs remain constant regardless of output?
- Fixed Costs
- Variable Costs
- Total Costs
💡 Hint: Consider what would still be the same if you produced nothing.
Question 2
True or False: Marginal cost is the additional cost of producing one more unit.
- True
- False
💡 Hint: Think about what happens when you increase production slightly.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A firm plans to produce 100 units of its product. It has fixed costs of $2000 and variable costs of $50 per unit. Calculate the total cost and unit cost.
💡 Hint: Use the formulas for total and unit costs.
Question 2
If a company discovers that its marginal cost is lower than the price at which it sells its product, what should it consider doing?
💡 Hint: Think about the relationship between cost and revenue.
Challenge and get performance evaluation