Figure and Table: Variable, Fixed, and Total Costs Total cost $2,500 2,000 1,500 1,000 500 Points on Graph A B C D E F G 0 H I A B₁ D Reference: Ref 6-11 Total cost, TC с 20 40 60 Quantity of wheat (bushels) EFG Quantity of Labor H (workers), L 0 1 2 3 4 5 6 7 8 1 80 100 Quantity of Wheat (bushels), Q 0 19 36 51 64 75 84 91 96 Variable Cost, VC $ 0 200 400 600 800 1,000 1,200 1,400 1,600 Fixed Cost, FC $400 400 400 400 400 400 400 400 400 Total Cost, TC FC + VC $ 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 (Figure and Table: Variable, Fixed, and Total Costs) In the figure, when 91 bushels of wheat are produced, average fixed cost is average variable cost is and average total cost is OA. $133.33; $200; $333.33 OB. $5.33; $13.33; $18.67 OC. $7.84; $11.76; $19.60 D. $4.4; $15.38; $19.78 OE. $4.17: $16.67: $20.83

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Figure and Table: Variable, Fixed, and Total Costs
Total cost
$2,500
2,000
1,500
1,000
500
Points on
Graph
A
B
C
D
E
F
G
0
H
I
A B
C
1
20 40 60 80 100
Quantity of wheat (bushels)
Reference: Ref 6-11
Total cost, TC
DEFGH
Quantity
of Labor
6
(workers), L
0
1
2
3
7
8
Quantity
of Wheat
(bushels), Q
0
19
36
51
64
75
84
91
96
Variable
Cost,
VC
$
0
200
400
600
800
1,000
1,200
1,400
1,600
Fixed
Cost,
FC
$400
400
400
400
400
400
400
400
400
Total Cost,
TC FC + VC
$
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
(Figure and Table: Variable, Fixed, and Total Costs) In the figure, when 91 bushels of wheat are produced, average fixed cost is
average variable cost is
and average total cost is
OA. $133.33; $200; $333.33
OB. $5.33; $13.33; $18.67
OC. $7.84; $11.76; $19.60
D. $4.4; $15.38; $19.78
OE. $4.17; $16.67; $20.83
Transcribed Image Text:Figure and Table: Variable, Fixed, and Total Costs Total cost $2,500 2,000 1,500 1,000 500 Points on Graph A B C D E F G 0 H I A B C 1 20 40 60 80 100 Quantity of wheat (bushels) Reference: Ref 6-11 Total cost, TC DEFGH Quantity of Labor 6 (workers), L 0 1 2 3 7 8 Quantity of Wheat (bushels), Q 0 19 36 51 64 75 84 91 96 Variable Cost, VC $ 0 200 400 600 800 1,000 1,200 1,400 1,600 Fixed Cost, FC $400 400 400 400 400 400 400 400 400 Total Cost, TC FC + VC $ 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 (Figure and Table: Variable, Fixed, and Total Costs) In the figure, when 91 bushels of wheat are produced, average fixed cost is average variable cost is and average total cost is OA. $133.33; $200; $333.33 OB. $5.33; $13.33; $18.67 OC. $7.84; $11.76; $19.60 D. $4.4; $15.38; $19.78 OE. $4.17; $16.67; $20.83
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