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