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Production Data Workers Cars Washed 1 10 24 45 4. 68 85 6. 96 91 8. 80 2. 3.

Production Data Workers Cars Washed 1 10 24 45 4. 68 85 6. 96 91 8. 80 2. 3.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Conversation: Understanding Average Variable Costs** **Randall:** In class, we learned about different kinds of average and marginal costs. **Randall:** Can I ask you about some of your average variable costs? **Ty:** Of course. I remember from my economics classes that average variable cost (AVC) is equal to: **Randall:** Okay, can you tell me the average variable cost of washing 96 cars? (Round to one decimal place. Click the Production Data tab to access the car wash data.) --- **Production Data Table:** | Workers | Cars Washed | |---------|-------------| | 0 | 0 | | 1 | 10 | | 2 | 24 | | 3 | 45 | | 4 | 68 | | 5 | 85 | | 6 | 96 | | 7 | 91 | | 8 | 80 | --- **Instructions:** - Enter a response in the box provided and click "Submit" below the conversation to provide your answer about the average variable cost for washing 96 cars.
Transcribed Image Text:**Conversation: Understanding Average Variable Costs** **Randall:** In class, we learned about different kinds of average and marginal costs. **Randall:** Can I ask you about some of your average variable costs? **Ty:** Of course. I remember from my economics classes that average variable cost (AVC) is equal to: **Randall:** Okay, can you tell me the average variable cost of washing 96 cars? (Round to one decimal place. Click the Production Data tab to access the car wash data.) --- **Production Data Table:** | Workers | Cars Washed | |---------|-------------| | 0 | 0 | | 1 | 10 | | 2 | 24 | | 3 | 45 | | 4 | 68 | | 5 | 85 | | 6 | 96 | | 7 | 91 | | 8 | 80 | --- **Instructions:** - Enter a response in the box provided and click "Submit" below the conversation to provide your answer about the average variable cost for washing 96 cars.
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