rkers) Output TFC ($) TVC ($) Total Cost ($) 0 0 50 0 1 8 50 40 90 2 20 50 80 3 28 50 120 170 4 35 50 210 5 41 50 200 250 Refer to the provided table. The average total cost of producing 20 units of output is Multiple Choice $4.00.

rkers) Output TFC ($) TVC ($) Total Cost ($) 0 0 50 0 1 8 50 40 90 2 20 50 80 3 28 50 120 170 4 35 50 210 5 41 50 200 250 Refer to the provided table. The average total cost of producing 20 units of output is Multiple Choice $4.00.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section8.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

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Question

Input (Workers)	Output	TFC ($)	TVC ($)	Total Cost ($)
0	0	50	0
1	8	50	40	90
2	20	50	80
3	28	50	120	170
4	35	50		210
5	41	50	200	250

Refer to the provided table. The average total cost of producing 20 units of output is

Multiple Choice

$4.00.
$4.50.
$6.50.
$8.50.

Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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