F19 Output(gall ons of iceTotal cost(dollars)cream per hour)1134.8511The Jerry - Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, which of the following is correct?O A. The average fixed cost of 1 gallon is $1.00.O B. The total fixed cost is $1.O C. The average variable cost of 2 gallons of ice cream is $1.00 per gallon.O D. Only answer A and answer B are correct.O E. Answer A, answer B, and answer C are correct.MacBook Proesc000!@#$13478.QWEY UtabRA S| DFGaps lockH

Fixed cost is the cost at 0 output and average fixed cost is the fixed cost divided by output.

Output (gall ons of ice cream per hour) Total cost (dollars) 1 1 3 3 4 8. 11 The Jerry - Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, which of the following is correct? A. The average fixed cost of 1 gallon is $1.00. B. The total fixed cost is $1. C. The average variable cost of 2 gallons of ice cream is $1.00 per gallon. D. Only answer A and answer B are correct. E. Answer A, answer B, and answer C are correct.

Output (gall ons of ice cream per hour) Total cost (dollars) 1 1 3 3 4 8. 11 The Jerry - Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, which of the following is correct? A. The average fixed cost of 1 gallon is $1.00. B. The total fixed cost is $1. C. The average variable cost of 2 gallons of ice cream is $1.00 per gallon. D. Only answer A and answer B are correct. E. Answer A, answer B, and answer C are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

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

Question

F19

Output
(gall ons of ice
Total cost
(dollars)
cream per hour)
1
1
3
4.
8
5
11
The Jerry - Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, which of the following is correct?
O A. The average fixed cost of 1 gallon is $1.00.
O B. The total fixed cost is $1.
O C. The average variable cost of 2 gallons of ice cream is $1.00 per gallon.
O D. Only answer A and answer B are correct.
O E. Answer A, answer B, and answer C are correct.
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