Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24. TI Total Output Cost $24 41 48 54 61 69 5. Refer to the above data. The variable cost of producing 5 units is: A. $61. B. $48. C. $37. D. $24. 6. Refer to the above data. The average total cost of producing 3 units of output is: A. $14. B. $12. C. $13.50. D. $16. 7. Refer to the above data. The average fixed cost of producing 3 units of output is: A. $8. B. $7.40. C. $5.50. D. $6. 8. Refer to the above data. The marginal cost of producing the sixth unit of output is: A. $24. B. $12. C. $16. D. $8. 9. Refer to the above data. The profit- maximizing output for this firm: A. is 3.

Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24. TI Total Output Cost $24 41 48 54 61 69 5. Refer to the above data. The variable cost of producing 5 units is: A. $61. B. $48. C. $37. D. $24. 6. Refer to the above data. The average total cost of producing 3 units of output is: A. $14. B. $12. C. $13.50. D. $16. 7. Refer to the above data. The average fixed cost of producing 3 units of output is: A. $8. B. $7.40. C. $5.50. D. $6. 8. Refer to the above data. The marginal cost of producing the sixth unit of output is: A. $24. B. $12. C. $16. D. $8. 9. Refer to the above data. The profit- maximizing output for this firm: A. is 3.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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