37TotalTotalAverageAverageOutputFixedVariableTotalVariableTotalMarginal(Q)CostCostCostCostCostCostE of150$500$400$900$2.67200$500$800$1,300$6.50The table above shows costs for a firm. When Q = 150, Average Total Cost (ATC) is equal to:Select one:а. $3.33b. $900c. $6.00d. $2.67

Total cost is the sum of fixed cost and variable cost. Average total cost refers to total cost per…

Total Total Average Average Variable Output Fixed Variable Total Total Marginal (Q) Cost Cost Cost Cost Cost Cost 150 $500 $400 $900 $2.67 200 $500 $800 $1,300 $6.50 The table above shows costs for a firm. When Q = 150, Average Total Cost (ATC) is equal to: Select one: a. $3.33 b. $900 c. $6.00

Total Total Average Average Variable Output Fixed Variable Total Total Marginal (Q) Cost Cost Cost Cost Cost Cost 150 $500 $400 $900 $2.67 200 $500 $800 $1,300 $6.50 The table above shows costs for a firm. When Q = 150, Average Total Cost (ATC) is equal to: Select one: a. $3.33 b. $900 c. $6.00

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 32CTQ: How does fixed cost affect marginal cost? Why is this relationship important?

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Concept explainers

Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.

Question

37
Total
Total
Average
Average
Output
Fixed
Variable
Total
Variable
Total
Marginal
(Q)
Cost
Cost
Cost
Cost
Cost
Cost
E of
150
$500
$400
$900
$2.67
200
$500
$800
$1,300
$6.50
The table above shows costs for a firm. When Q = 150, Average Total Cost (ATC) is equal to:
Select one:
а. $3.33
b. $900
c. $6.00
d. $2.67

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