Answered: If average variable cost is $20 and…

If average variable cost is $20 and total fixed cost is $500 at 10 units of output, then average total cost at this output level is:

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

If average variable cost is $20 and total fixed cost is $500 at 10 units of output, then average total cost at this output level is:

Expert Solution

Step 1

Total cost implies the total expense incurred in reaching a specific level of output; if the such total cost is divided by the quantity produced, average or unit cost is acquired.

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