1. In 2014, American Electric Power (AEP), an electric utility with operations from Texas to Michigan, produced 207 million megawatt-hours of electricity (a megawatt-hour measures the output of an electricity-generating plant). The company and its associated subsidiaries also had 18,500 U.S. employees. What is the average product of AEP?
2. Think about a Starbucks coffee shop. Identify whether each of the following inputs is a fixed cost or a variable cost. a) An espresso machine. b) Electricity to run the machine. c) The lease on the store. d) Workers
