Given the table below.
|Acres of land||Workers||TP||MP||TFC||TVC||TC||MC||AFC||AVC||ATC|
What is the Total Fixed Cost when six workers are being used?
To understand a production table in economics you need to understand a few acronyms. One thing you should know is that is something starts with M it usually means marginal and when something starts with A it means average.
Answer and Explanation: 1
Total fixed cost is the same across all levels of output. You will pay your fixed costs no matter what as that is what the name suggests....
See full answer below.
Learn more about this topic:
fromChapter 3 / Lesson 14
What is a fixed cost? Learn the fixed cost definition and how to calculate it using the fixed cost formula. Compare fixed vs. variable costs and see fixed costs examples in business.