The table shows the cost information for a farm when the farm has three different amounts of capital: one tractor, two tractors, or three tractors.In the long run, if the farmer is producing 11 units, what would be their average total cost?One TractorTwo TractorsThree TractorsQTCATCTCATCTCАТС1072143211129129.00225225.00326.5326.50215979.50240120.00334167.00319765.6725986.33343.5114.50424360.7528270.5035588.7529759.4030961.80368.573.70635959.8334056.6738464.00742961.2937553.57401.557.36850763.3841451.7542152.63959365.8945750.78442.549.171068768.7050450.4046646.601178971.7355550.45491.544.681289974.9261050.8351943.2513101778.2366951.46548.542.1914114381.6473252.2958041.4315127785.1379953.27613.540.9016141988.6987054.3864940,56The following table shows the costs for a firm when they use one truck, two trucks, three trucks, or four trucks. Assume trucks are their fixed input.This firm will experience economies of scale in the long run.Q ATC (1 Truck) ATC (2 Trucks) ATC (3 Trucks) ATC (4 Trucks)13639.966.6104.4224.525.837.254.8321.321.727.838.5420.320.123.430.62019.521266.20.219.419.623.1720.619.618.821.18.21.12018.319.79.21.820.418.118.71022.52118181123.321.618.117.51224.122.318.217.11324.92318.416.91425.823.718.716.7O TrueO False Use the table below to calculate the average fixed cost when the quantity is 8.QATCAVC1104.044.026.021.3256.0341.3435.020.032.030.720.020.7730.321.723.0830.531.124.432.033.126.027.610111234.329.31335.731.137.138.71432.91534.7

The table shows the cost information for a farm when the farm has three different amounts of capital: one tractor, two tractors, or three tractors. In the long run, if the farmer is producing 11 units, what would be their average total cost? One Tractor Two Tractors Three Tractors TC ATC TC ATC TC ATC 107 214 321 1 129 129.00 225 225.00 326.5 326.50 159 79.50 240 120.00 334 167.00 3 197 65.67 259 86.33 343.5 114.50 243 60.75 282 70.50 355 88.75 5 297 59.40 309 61.80 368.5 73.70 6 359 59.83 340 56.67 384 64.00 7 429 61.29 375 53.57 401.5 57.36 2.

The table shows the cost information for a farm when the farm has three different amounts of capital: one tractor, two tractors, or three tractors. In the long run, if the farmer is producing 11 units, what would be their average total cost? One Tractor Two Tractors Three Tractors TC ATC TC ATC TC ATC 107 214 321 1 129 129.00 225 225.00 326.5 326.50 159 79.50 240 120.00 334 167.00 3 197 65.67 259 86.33 343.5 114.50 243 60.75 282 70.50 355 88.75 5 297 59.40 309 61.80 368.5 73.70 6 359 59.83 340 56.67 384 64.00 7 429 61.29 375 53.57 401.5 57.36 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please provide answer with explanation
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part E