Complete the following table by filling in the values under the average variable cost column. |...
Question:
Complete the following table by filling in the values under the average variable cost column.
| Output | Fixed cost | Variable cost | Average variable cost |
| 1 | 1,000 | 500 | |
| 2 | 1,000 | 800 | |
| 3 | 1,000 | 1,000 | |
| 4 | 1,000 | 1,300 | |
| 5 | 1,000 | 1,800 | |
| 6 | 1,000 | 2,600 | |
| 7 | 1,000 | 3,900 |
Variable Cost:
The variable cost represents the total cost that changes proportionately with the production volume within a relevant range during a given period. The average variable cost indicates the variable cost per unit.
Answer and Explanation: 1
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View this answerThe average variable cost is computed as:
{eq}\begin{align*} &= \dfrac{\text{Variable Cost}}{\text{Output}} \end{align*} {/eq}
| Output | Fixed... |
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Average Variable Cost (AVC): Definition, Function & Equation
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Chapter 13 / Lesson 8
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Learn the definition and applications of average variable cost, the average variable cost formula, and how to calculate the average variable cost using its formula.
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