The total cost equation for producing X widgets is given by TC = $1,000 + $6X. The average cost per widget for producing 500 widgets is closest to which of the following? a. $1,000 b. $6 c. $8 d. $4,000.

The total cost equation for producing X widgets is given by TC = $1,000 + $6X. The average cost per widget for producing 500 widgets is closest to which of the following? a. $1,000 b. $6 c. $8 d. $4,000.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 17QP

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