Based on the table above, what is the total fixed cost for this firm?
Variable and Fixed Costs:
Variable costs are costs that are directly related with how much output is produced. Fixed costs, on the other hand, are costs that are the same regardless of how much output is produced.
Answer and Explanation:
See full answer below.
Become a member and unlock all Study Answers
Start today. Try it nowCreate an account
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
fromChapter 4 / Lesson 3
Fixed costs are the cost per item regardless of scale of production, while variable costs change depending on how many units are created. Explore the significance of these two costs to producers in manufacturing and pricing.