(3) (2) (1) Output 10. In the above diagram curves 1, 2, and 3 represent: A. average variable cost, marginal cost, and average fixed cost respectively. B. variable cost, fixed cost, and total cost respectively. C. fixed cost, variable cost, and total cost respectively. D. marginal product, average variable cost, and average total cost respectively. Answer the next question(s) on the basis of the following cost data: Average Average Fixed Cost Variable Output $50.00 25.00 Cost $100.00 80.00 16.67 66.67 65.00 68.00 73,33 80.00 12.50 10.00 8.37 7.14 6.25 87.50 11. Refer to the above data. Total fixed cost is: A. $6.25. B. $100.00. C. $150.00. D. $50.00. 12. Refer to the above data. The average total cost of five units of output is: A. $69. B. $78. C. $3. D. $10. Costs

(3) (2) (1) Output 10. In the above diagram curves 1, 2, and 3 represent: A. average variable cost, marginal cost, and average fixed cost respectively. B. variable cost, fixed cost, and total cost respectively. C. fixed cost, variable cost, and total cost respectively. D. marginal product, average variable cost, and average total cost respectively. Answer the next question(s) on the basis of the following cost data: Average Average Fixed Cost Variable Output $50.00 25.00 Cost $100.00 80.00 16.67 66.67 65.00 68.00 73,33 80.00 12.50 10.00 8.37 7.14 6.25 87.50 11. Refer to the above data. Total fixed cost is: A. $6.25. B. $100.00. C. $150.00. D. $50.00. 12. Refer to the above data. The average total cost of five units of output is: A. $69. B. $78. C. $3. D. $10. Costs

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 4CQQ

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