what is the average fixed cost of producing 16 units? Labor Quantity FixedCost$160$160$160$160$160$160123456164060728084Different Types of CostsVariableCost$80$160$240$320$400$480Total MarginalCostCost$240$15.00$320$3.33$400$4.00$480$6.67$560$10.00$640$20.00Average TotalCost$15.00$8.00$6.67$6.67$7.00$7.62

Economic costs involve not just the accounting costs but also the opportunity cost of making one…

Labor Quantity Fixed Cost 1 2 3 4 5 6 16 40 60 72 80 84 $160 $160 $160 $160 $160 $160 Different Types of Costs Variable Total Cost Cost $80 $240 $160 $320 $240 $400 $320 $480 $400 $560 $480 $640 Marginal Cost $15.00 $3.33 $4.00 $6.67 $10.00 $20.00 Average Total Cost $15.00 $8.00 $6.67 $6.67 $7.00 $7.62

Labor Quantity Fixed Cost 1 2 3 4 5 6 16 40 60 72 80 84 $160 $160 $160 $160 $160 $160 Different Types of Costs Variable Total Cost Cost $80 $240 $160 $320 $240 $400 $320 $480 $400 $560 $480 $640 Marginal Cost $15.00 $3.33 $4.00 $6.67 $10.00 $20.00 Average Total Cost $15.00 $8.00 $6.67 $6.67 $7.00 $7.62

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

what is the average fixed cost of producing 16 units?

Labor Quantity Fixed
Cost
$160
$160
$160
$160
$160
$160
1
2
3
4
5
6
16
40
60
72
80
84
Different Types of Costs
Variable
Cost
$80
$160
$240
$320
$400
$480
Total Marginal
Cost
Cost
$240
$15.00
$320
$3.33
$400
$4.00
$480
$6.67
$560
$10.00
$640
$20.00
Average Total
Cost
$15.00
$8.00
$6.67
$6.67
$7.00
$7.62

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