Jan's Bike ShopOutput Marginal Total variable Fixed cost|(workers) (bikes) Product cost(dollars) (dollars)Labor$0$5---1100100$52250$103350$15450$20255$25430$30The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping hasbeen spotty. At what output level is average fıxed cost at its lowest?430O 100250

Answer: Average fixed cost: it is the per-unit fixed cost of production. The average fixed cost is…

Jan's Bike Shop Labor Output Marginal Total variable Fixed cost (workers) (bikes) Product cost(dollars) (dollars) $0 $5 1 100 100 $5 2 250 $10 3 350 $15 14 50 $20 5 255 $25 6 430 $30 The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. At what output level is average fıxed cost at its lowest? O 430 100 250

Jan's Bike Shop Labor Output Marginal Total variable Fixed cost (workers) (bikes) Product cost(dollars) (dollars) $0 $5 1 100 100 $5 2 250 $10 3 350 $15 14 50 $20 5 255 $25 6 430 $30 The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. At what output level is average fıxed cost at its lowest? O 430 100 250

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If you know that average variable cost is at a minimum, then you can deduce that marginal cost is higher than average variable cost. O marginal cost is equal to average variable cost. O marginal cost is lower than average variable cost. none of the available choices are correct. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
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