A firm produces 100 units of output at a total cost of $1,200. If fixed costs are $100, O average fixed cost is $12. average variable cost is $11. average total cost is $13. average total cost is $14.
A firm produces 100 units of output at a total cost of $1,200. If fixed costs are $100, O average fixed cost is $12. average variable cost is $11. average total cost is $13. average total cost is $14.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
Problem 3.7IP
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