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


What is the value of M?

a. $560

b. $510

c. $440

d. $170

Bob's bulldozers cost table

QuantityTotal costFixed costVariable costMarginal costAverage fixed costAverage variable costAverage total cost

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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Learn more about this topic:

Average Variable Cost (AVC): Definition, Function & Equation


Chapter 13 / Lesson 8

Learn 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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