Behind the Supply Curve: Inputs and Costs Work It Out: Question 3 of 5 The accompanying table shows a car manufacturer's total cost of producing cars. Calculate the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC) for a quantity of 3 cars and a quantity of 8 cars. Round your answer to the nearest whole dollar. AVC for producing 3 cars: $ Quantity of cars Total Cost $500,000 540,000 560,000 570,000 590,000 620,000 660,000 720,000 800,000 920,000 1,100,00 0 1 2 3 4 5 6 7 8 9 10

Behind the Supply Curve: Inputs and Costs Work It Out: Question 3 of 5 The accompanying table shows a car manufacturer's total cost of producing cars. Calculate the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC) for a quantity of 3 cars and a quantity of 8 cars. Round your answer to the nearest whole dollar. AVC for producing 3 cars: $ Quantity of cars Total Cost $500,000 540,000 560,000 570,000 590,000 620,000 660,000 720,000 800,000 920,000 1,100,00 0 1 2 3 4 5 6 7 8 9 10

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: The Cost Of Production

Section: Chapter Questions

Problem 9PA

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