The table below contains information about the production, costs and profits of a firm. The price faced by the firm in a perfectly competitive market is $70 per unit. The average fixed cost of production when the firm produces 7 units of output is? Total Total Average Average Marginal Output Fixed Variable Variable Fixed Costs Costs Costs Costs Costs 24.00 1 40.00 40.00 40.00 2 75.00 35.00 37.50 3 20.00 31.67 4 22.00 29.25 143.00 26.00 28.60 174.00 29.00 7 212.00 30.29 8. 260.00 48.00 320.00 60.00 10 396.00 39.60

The table below contains information about the production, costs and profits of a firm. The price faced by the firm in a perfectly competitive market is $70 per unit. The average fixed cost of production when the firm produces 7 units of output is? Total Total Average Average Marginal Output Fixed Variable Variable Fixed Costs Costs Costs Costs Costs 24.00 1 40.00 40.00 40.00 2 75.00 35.00 37.50 3 20.00 31.67 4 22.00 29.25 143.00 26.00 28.60 174.00 29.00 7 212.00 30.29 8. 260.00 48.00 320.00 60.00 10 396.00 39.60

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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