# What is the value of M? a. $560 b. $510 c. $440 d. $170 Bob's bulldozers cost table...

## Question:

What is the value of M?

a. $560

b. $510

c. $440

d. $170

Bob's bulldozers cost table

Quantity | Total cost | Fixed cost | Variable cost | Marginal cost | Average fixed cost | Average variable cost | Average total cost |

0 | $50 | $50 | $0 | - | - | - | - |

1 | $150 | A | B | C | D | E | F |

2 | G | H | I | $130 | J | K | L |

3 | M | N | O | P | Q | $170 | R |

## Variable cost

Variable cost is the actual cost of production changing with either increasing or decreasing production. The variable cost is considered for short-run competitive market pricing. The minimization of variable cost makes production giving good returns.

## Answer and Explanation: 1

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** a. $560**

For the value of M, we need:

Average variable cost (AVC) for output 3 I $170. Total variable cost (TVC) is:

{eq}\begin{align*} TVC &=...

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Chapter 13 / Lesson 8Learn the definition and applications of average variable cost, the average variable cost formula, and how to calculate the average variable cost using its formula.

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