### Table Cost.EX2: Costs and Outputs for a Competitive Firm| Output (Q) | Total Fixed Costs | Total Variable Costs ||------------|-------------------|----------------------|| 0 | $50.00 | $0.00 || 1 | $50.00 | $70.00 || 2 | $50.00 | $120.00 || 3 | $50.00 | $150.00 || 4 | $50.00 | $220.00 || 5 | $50.00 | $300.00 |---Refer to Table Cost.EX2. When production is 3 units, the firm's average total cost is about ______.- O $66.67- O $68.67- O No answer text provided.- O No answer text provided.### Explanation of the TableThe table displays the output levels (Q) for a competitive firm, along with corresponding total fixed and variable costs. Fixed costs remain constant at $50.00 as output increases. Variable costs start at $0.00 for 0 units and rise to $300.00 for 5 units, indicating increasing costs associated with production.For calculation of the average total cost at 3 units:- Total cost at 3 units = Fixed Cost + Variable Cost = $50.00 + $150.00 = $200.00- Average total cost = Total Cost / Quantity = $200.00 / 3 units = $66.67Thus, the closest answer for average total cost when production is at 3 units is $66.67.

Fixed cost is the cost that remains constant and stays the same at all levels of output. Variable…

Total Total Output Fixed Variable (Q) Costs Costs 0. $50.00 $0.00 1 $50.00 $70.00 $50.00 $120.00 $50.00 $150.00 4 $50.00 $220.00 $50.00 $300.00 Refer to Table Cost.EX2. When production is 3 units, the firm's average total cost is about $66.67 O $68.67 No answer text provided. O No answer text provided.

Total Total Output Fixed Variable (Q) Costs Costs 0. $50.00 $0.00 1 $50.00 $70.00 $50.00 $120.00 $50.00 $150.00 4 $50.00 $220.00 $50.00 $300.00 Refer to Table Cost.EX2. When production is 3 units, the firm's average total cost is about $66.67 O $68.67 No answer text provided. O No answer text provided.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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