Variable Costs Average Variable Cost Production Data Production Data The $60 per worker a day Production Data Workers Cars Washed Fixed Costs 1 2 23 3 42 $600 a day for the car wash 4 64 5 80 6 90 In class, we learned about different kinds of average and marginal costs. 7 98 8 96 Randall Can I ask you about some of your average variable costs? Randall Sure! I remember from my economics classes that average variable cost (AVC) is equal to: Тy Okay, can you tell me the average variable cost of washing 90 cars? (Round to one decimal place. Click the Production Data tab to access the car wash data.)

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

What is the average variable cost of washing 90 cars?

 

is the answer 4 or .7?

Variable Costs
Average Variable Cost
Production Data
Production Data
The $60 per worker a day
Production Data
Workers
Cars Washed
Fixed Costs
1
2
23
3
42
$600 a day for the car wash
4
64
80
6
90
In class, we learned about different kinds of average and marginal costs.
7
98
8
96
Randall
Can I ask you about some of your average variable costs?
Randall
Sure! I remember from my economics classes that average variable cost
(AVC) is equal to:
Тy
Okay, can you tell me the average variable cost of washing 90 cars?
(Round to one decimal place. Click the Production Data tab to access the car
wash data.)
Randall
Transcribed Image Text:Variable Costs Average Variable Cost Production Data Production Data The $60 per worker a day Production Data Workers Cars Washed Fixed Costs 1 2 23 3 42 $600 a day for the car wash 4 64 80 6 90 In class, we learned about different kinds of average and marginal costs. 7 98 8 96 Randall Can I ask you about some of your average variable costs? Randall Sure! I remember from my economics classes that average variable cost (AVC) is equal to: Тy Okay, can you tell me the average variable cost of washing 90 cars? (Round to one decimal place. Click the Production Data tab to access the car wash data.) Randall
Average Variable Cost
Variable Cost
AVC =
Total Output
Transcribed Image Text:Average Variable Cost Variable Cost AVC = Total Output
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