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Use the following scenario to answer the questions that follow.

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Use the following scenario to answer the questions that follow. style=”color:rgb(0,0,0);”>Steve owns a bike store. His total costs are $1.2 million per year, his variable costs are $750,000, and his fixed costs are $450,000 per year. Last year, Steve sold 1,200 bikes.Steve’s average total cost was __________ per bike

 
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Darrell owns a furniture store

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Darrell owns a furniture store. If he increases the size of his furniture store and experiences diseconomies of

scale as a result, his long-run average total cost curve should be:

vertical.

downward-sloping.

horizontal.

upward-sloping.

U-shaped.

 
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When Clayton starts working at his first full-time job

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When Clayton starts working at his first full-time job out of college with a $60,000 salary, he is likely to buy

more ________ and less ________.

sushi; canned tuna

ramen noodles; steak

BMWs; Kias

computer hardware; computer software

hamburger; salmon

 
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Cross-price elasticity

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Cross-price elasticity measures the relationship between:normal goods and inferior goods.complements

and inferior goods.

necessities and luxuries.

two goods and services.

income and substitute goods

 
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