What is the atc of 5 units?A 50 B 52C 53D 55 The table is designed to showcase different cost metrics in economics:- **Q (Quantity)**: Represents the output quantity.- **FC (Fixed Cost)**: Costs that remain constant regardless of output.- **VC (Variable Cost)**: Costs that vary with output.- **TC (Total Cost)**: The sum of Fixed and Variable Costs.- **MC (Marginal Cost)**: The cost of producing one additional unit.- **AFC (Average Fixed Cost)**: Fixed Cost per unit of output.- **AVC (Average Variable Cost)**: Variable Cost per unit of output.- **ATC (Average Total Cost)**: Total Cost per unit of output.**Data Observations**:1. For Quantity 1, the Total Cost (TC) is 160. The Average Fixed Cost (AFC) is 65, the Average Variable Cost (AVC) is 20, and the Average Total Cost (ATC) is 55.2. For Quantity 2, the Marginal Cost (MC) is 10. The Average Fixed Cost (AFC) is 28.Other fields in the table are left blank, suggesting further data needs to be entered or calculated.

ATC refers to the cost per unit of output ATC = Total Cost*Quantity

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What is the atc of 5 units? A 50 B 52 C 53 D 55

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What is the atc of 5 units? A 50 B 52 C 53 D 55

The table is designed to showcase different cost metrics in economics:

- **Q (Quantity)**: Represents the output quantity.
- **FC (Fixed Cost)**: Costs that remain constant regardless of output.
- **VC (Variable Cost)**: Costs that vary with output.
- **TC (Total Cost)**: The sum of Fixed and Variable Costs.
- **MC (Marginal Cost)**: The cost of producing one additional unit.
- **AFC (Average Fixed Cost)**: Fixed Cost per unit of output.
- **AVC (Average Variable Cost)**: Variable Cost per unit of output.
- **ATC (Average Total Cost)**: Total Cost per unit of output.

**Data Observations**:

1. For Quantity 1, the Total Cost (TC) is 160. The Average Fixed Cost (AFC) is 65, the Average Variable Cost (AVC) is 20, and the Average Total Cost (ATC) is 55.
2. For Quantity 2, the Marginal Cost (MC) is 10. The Average Fixed Cost (AFC) is 28.

Other fields in the table are left blank, suggesting further data needs to be entered or calculated.

Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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