TABLE S-1Revenue and Cost Data for a Perfectly Competitive FirmDaily OutputPriceTotal RevenueTFCTVCTCProfit0.$30$0V$0$40-$401$30$30$40$12W-$22$60$40Y$68-$8$30$90$40$45$85Refer to Table 8-1. What is the AVC of producing three units of output?$15$32.66$45$502.3.

Average Variable Cost (AVC) is Total Variable Cost (TVC) per unit of output.

Revenue and Cost Data for a Perfectly Competitive Firm Daily Output Price Total Revenue TFC TVC TC Profit $30 $0 V $0 $40 -$40 1 $30 $30 $40 $12 W -$22 2 $60 $40 Y $68 -$8 3. $30 $90 $40 $45 $85 Z Refer to Table 8-1. What is the AVC of producing three units of output? O s15 $32.66 O $45

Revenue and Cost Data for a Perfectly Competitive Firm Daily Output Price Total Revenue TFC TVC TC Profit $30 $0 V $0 $40 -$40 1 $30 $30 $40 $12 W -$22 2 $60 $40 Y $68 -$8 3. $30 $90 $40 $45 $85 Z Refer to Table 8-1. What is the AVC of producing three units of output? O s15 $32.66 O $45

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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TABLE S-1
Revenue and Cost Data for a Perfectly Competitive Firm
Daily Output
Price
Total Revenue
TFC
TVC
TC
Profit
0.
$30
$0
V
$0
$40
-$40
1
$30
$30
$40
$12
W
-$22
$60
$40
Y
$68
-$8
$30
$90
$40
$45
$85
Refer to Table 8-1. What is the AVC of producing three units of output?
$15
$32.66
$45
$50
2.
3.

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