Using the table, determine the average total cost of producing 66 units. ||Q||FC||VC |0|500|0...
Question:
Using the table, determine the average total cost of producing 66 units.
| Q | FC | VC |
|---|---|---|
| 0 | 500 | 0 |
| 8 | 500 | 250 |
| 17 | 500 | 500 |
| 27 | 500 | 750 |
| 40 | 500 | 1000 |
| 54 | 500 | 1250 |
| 66 | 500 | 1500 |
| 76 | 500 | 1750 |
| 84 | 500 | 2000 |
| 91 | 500 | 2250 |
| 96 | 500 | 2500 |
A. $ 30.30
B. $ 7.58
C. $ 22.73
D. $ 25.00
Total Cost:
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
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View this answerTotal 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...
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Average Cost Vs. Total Cost: Making Production Decisions in the Short-Run
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Chapter 4 / Lesson 8
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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.
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