Chuck owns a factory that produces leather footballs. His total fixed cost equaled $86,000 last year. His total cost equaled $286,000 last year. Hence Chuck's .... A. incurred an economic loss. B. total variable cost equaled $200,000. C. total variable cost was zero. D. total variable cost equaled $372,000. O E. None of the above answers is correct.

Chuck owns a factory that produces leather footballs. His total fixed cost equaled $86,000 last year. His total cost equaled $286,000 last year. Hence Chuck's .... A. incurred an economic loss. B. total variable cost equaled $200,000. C. total variable cost was zero. D. total variable cost equaled $372,000. O E. None of the above answers is correct.

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 3CQQ

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