In the above table, what is the average total cost to produce 5 units of output?
Question:
| Output | Fixed Costs | Variable Costs | Total Costs | Average Total Costs | Average Variable Costs | Marginal Costs |
|---|---|---|---|---|---|---|
| 0 | $0 | $100 | ||||
| 1 | 30 | |||||
| 2 | 50 | |||||
| 3 | 60 | |||||
| 4 | 120 | |||||
| 5 | 200 |
In the above table, what is the average total cost to produce 5 units of output?
a. $60
b. $55
c. $40
d. $80
Average Total Cost:
Total cost is the sum of variable costs and fixed costs. Fixed costs do not increase with the level of output while variable costs do. Average total cost is simply total cost divided by the amount of output.
Answer and Explanation: 1
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View this answerAnswer: A
To calculate average total cost at 5 units of output we first need to find what total cost was at that point. We know that variables costs...
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