### Question 34**Problem Statement:** If firm X produces 20 units of product with a total cost of 100, what is its average cost?**Options:**a) 2ndB) 120NS) 80D) 5TO) one**Explanation:** No graphs or diagrams are present in this image. The problem here is to find the average cost, which can be calculated using the formula:\[ \text{Average Cost} = \frac{\text{Total Cost}}{\text{Total Units Produced}} \]Using the given data:\[ \text{Average Cost} = \frac{100}{20} = 5 \]Thus, the correct answer is:D) 5

Number of units produced=20 unitsTotal Cost=100Definition:Total Cost: Total cost includes all the…

Answered: 34: If firm X produces 20 units of…

34: If firm X produces 20 units of product with a total cost of 100, what is its average cost? - a) 2nd B) 120 NS) 80 D) 5 TO) one

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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