Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Cross Cultural Management

Authors: Marie Joelle Browaeys, Roger Price

3rd Edition

1292015896, 978-1292015897

Students also viewed these Economics questions