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

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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