Table Cost.EX2: Costs and Outputs foraCompetitiveFirmTotalTotalOutputFixedVariable(Q)Costs (TFC)Costs (TVC)$40.00$0.001$40.00$40.00$40.00$90.00$40.00$130.004$40.00$190.005$40.00$260.00Refer to Table Cost.EX2. At 3 units of output,average variable cost and average total costareandrespectively.$47.50; $70.00O $47.50; $56.67$43.33; $70.00$43.33; $56.67

Answer: option d ($43.33; $56.67) Explanation: Average variable cost=Total variable…

Table Cost.EX2: Costs and Outputs for a Competitive Firm Total Total Output Fixed Variable (Q) Costs (TFC) Costs (TVC) $40.00 $0.00 1 $40.00 $40.00 $40.00 $90.00 3 $40.00 $130.00 4 $40.00 $190.00 $40.00 $260.00 Refer to Table Cost.EX2. At 3 units of output, average variable cost and average total cost are and respectively. $47.50; $70.00 $47.50; $56.67 $43.33; $70.00 O $43.33; $56.67

Table Cost.EX2: Costs and Outputs for a Competitive Firm Total Total Output Fixed Variable (Q) Costs (TFC) Costs (TVC) $40.00 $0.00 1 $40.00 $40.00 $40.00 $90.00 3 $40.00 $130.00 4 $40.00 $190.00 $40.00 $260.00 Refer to Table Cost.EX2. At 3 units of output, average variable cost and average total cost are and respectively. $47.50; $70.00 $47.50; $56.67 $43.33; $70.00 O $43.33; $56.67

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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