Using the table, determine the average total cost of producing 66 units.
A. $ 30.30
B. $ 7.58
C. $ 22.73
D. $ 25.00
In production of goods and services, the producer makes use of factors of production. The costs incurred in factors of production when summed together, is called as total costs.
Answer and Explanation: 1
Total Costs = Variable Costs + Fixed Costs.
From the table it can be seen that the, in production of 66 units of output, the following costs are...
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 8
Learn what the average cost of a firm is and how it differs from total cost. Understand the distinction between short run and long run average total cost.