**Question:**Answer the question on the basis of the following cost data:| Output | Total Cost ||--------|------------|| 0 | $24 || 1 | $33 || 2 | $41 || 3 | $48 || 4 | $54 || 5 | $61 || 6 | $69 |The total variable cost of producing 2 units of output is:**Multiple Choice:**- ○ $20.20- ○ $17- ● $12- ○ $8.50**Explanation:**To find the total variable cost for producing 2 units, subtract the fixed cost (total cost at 0 output) from the total cost at 2 units. Fixed Cost = $24 (Total Cost at Output 0)Total Cost at Output 2 = $41Total Variable Cost = $41 - $24 = $17The answer is $17, but the option selected in the image is $12.

Total variable cost is the cost of employing the variable input. Total fixed cost is the cost of…

Answered: Answer the question on the basis of the…

Answer the question on the basis of the following cost data. Output 0 1 2 3 456 4 6 Total Cost $ 24 33 41 48 54 61 69 The total variable cost of producing 2 units of output is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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