Suppose an artist produces 6 paintings. If fixed costs are $200 and variable costs are $100, then average profits are $10 average total costs are $50 total costs are $600 average variable costs are $160

Suppose an artist produces 6 paintings. If fixed costs are $200 and variable costs are $100, then average profits are $10 average total costs are $50 total costs are $600 average variable costs are $160

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

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Question

Suppose an artist produces 6 paintings. If fixed costs are $200 and variable costs are $100, then
average profits are $10
average total costs are $50
O total costs are $600
average variable costs are $160

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