Consider the following table. What is the average fixed cost of producing 5 units of output? |...
Question:
Consider the following table. What is the average fixed cost of producing 5 units of output?
| Quantity of Output | Fixed Cost | Variable Cost |
| 0 | $20 | $0 |
| 1 | $20 | $10 |
| 2 | $20 | $40 |
| 3 | $20 | $80 |
| 4 | $20 | $130 |
| 5 | $20 | $200 |
| 6 | $20 | $300 |
Manufacturing of Output:
In economics, manufacturing indicates the process of making products by employing different input factors and raw materials. The firms manufacture these outputs intending to sell them to the consumers and earn revenue from them.
Answer and Explanation: 1
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View this answerThe average fixed cost (AFC) depicts the fixed cost incurred by the firm in producing each unit of output. It is evaluated by taking the ratio between...
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Average Total Cost: Definition & Formula
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Chapter 3 / Lesson 23
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