Refer to Table 13-1. What is the marginal cost ofproducing the first widget?a. $0b. $1.00c. $10.25d. $11.00Refer to Table 13-1. What is the variable cost ofproducing zero widgets?a. $0b. $1.00c. $10.25d. $11.00Refer to Table 13-1. What is the average fixedcost of producing five widgets?a. $1b. $2c. $3d. $4 Table 13-1Measures of Cost for ABC Inc. Widget FactoryVariableTotalCostsCosts$1$3$18$6$21$10$30$21Quantityof Widgets0123456FixedCosts$15$15

The above table is filled by using the given formulas: Total cost(TC)=FC+VCVariable…

Answered: Refer to Table 13-1. What is the…

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Economics

Refer to Table 13-1. What is the marginal cost of producing the first widget? a. $0 b. $1.00 c. $10.25 d. $11.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Refer to Table 13-1. What is the marginal cost of
producing the first widget?
a. $0
b. $1.00
c. $10.25
d. $11.00
Refer to Table 13-1. What is the variable cost of
producing zero widgets?
a. $0
b. $1.00
c. $10.25
d. $11.00
Refer to Table 13-1. What is the average fixed
cost of producing five widgets?
a. $1
b. $2
c. $3
d. $4

Table 13-1
Measures of Cost for ABC Inc. Widget Factory
Variable
Total
Costs
Costs
$1
$3
$18
$6
$21
$10
$30
$21
Quantity
of Widgets
0
1
2
3
4
5
6
Fixed
Costs
$15
$15

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