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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
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 6 units of output is? Total Total Average Average Marginal Output Fixed Variable Variable Fixed Costs Costs Costs Costs Costs 0 36.00 1 40.00 40.00 40.00 2 75.00 35.00 37.50 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 9 320.00 60.00 10 396.00 39.60 Select one: O a. $3.56 O b. $10.67 O c. $8.00 O d. $4.57 O e. $32.00 Of. $6.40 O g. $4.00 O h. $6.00
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