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Consider the following data: equilibrium price = $9.50, quantity of output produced = 1,000 units, average total cost = $8, and average variable cost $6.
Consider the following data: equilibrium price = $9.50, quantity of output produced = 1,000 units, average total cost = $8, and average variable cost $6. Given this, total revenue is __________, total cost is __________, and total fixed cost is __________.
TR=9500
8000
FC=2000
a) $9,500, $7,000; $6,000
b) $9,000; $7,000; $2,000
c) $9,500, $8,000; $2,000
d) $9,000, $8,000; $2,000
What letter is correct?
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