The table below contains information about the production, costs and profits of a firm.

The price faced by the firm in a perfectly competitive market is $70 per unit. The average fixed cost of production when the firm produces 3 units of output is

a.

$4.40

b.

$2.75

c.

$2.44

d.

$3.14

e.

$22.00

f.

$7.33

g.

$5.50

h.

$3.67

Total Total Average Output Marginal Average Average Fixed Variable Variable Fixed Total Costs Costs Costs Costs Costs Costs 0 22.00 1 40.00 40.00 40.00 2 75.00 35.00 37.50 48.50 20.00 31.67 4 22.00 29.25 5 143.00 26.00 28.60 6 174.00 29.00 7 212.00 30.29 8 260.00 48.00 LD 320.00 60.00 10 396.00 39.60 41.80