Question 4Barrels ofAverageOilMarginal MarginalTotalProduced RevenueCostCosts$ 30.00$ 4.00 $ 34.001$ 50.00$ 50.00 $$ 50.00 $ 77.00$ 50.00 $ 17.00 $ 17.00$ 50.00 $ 23.00 $ 18.2026.00 $ 40.00$ 17.00$ 50.00 $ 29.00 $ 20.00$ 50.00 $ 36.00 $ 22.29$ 50.00 $ 50.00 $ 25.75$ 50.00 $ 90.00 $ 32.89$ 50.0078.10$ 124.00 $ 42.00Consider the table above. What are the fixed costs of production for this firm?$4$30$50$34

After considering the above table , We can find the Total Fixed cost as follows:

Barrels of Average Oil Marginal Marginal Total Produced Revenue Cost Costs $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 30.00 $ 4.00 $ 34.00 $ 6.00 $ 40.00 $ 77.00 $ 17.00 $ 17.00 $ 17.00 $ 23.00 $ 18.20 1 2 3 4 5 6 $ 29.00 $ 20.00

Barrels of Average Oil Marginal Marginal Total Produced Revenue Cost Costs $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 30.00 $ 4.00 $ 34.00 $ 6.00 $ 40.00 $ 77.00 $ 17.00 $ 17.00 $ 17.00 $ 23.00 $ 18.20 1 2 3 4 5 6 $ 29.00 $ 20.00

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 11SCQ: Here is a second hypothesis: A well-funded social safety net may lead to less regulation of the...

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