Total Total Average Average Average Total Marginal Variable Fixed Cost $200 Output Fixed Variable Total (Q) Cost Cost $0 Cost Cost Cost Cost $200 20 $200 $150 $350 40 $200 $250 $450 60 $200 $450 $650 80 $200 $800 $1,000

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 19RQ: What shapes would you generally expect each of the following cost curves to have: fixed costs,...
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Question 7 of 20
Total
Total
Average Average Average
Fixed Variable Total Marginal Variable Fixed
Cost
$200
Output
Total
(Q)
Cost
Cost
Cost
Cost
Cost
Cost
$0
$200
$200
$150
$350
40
$200
$250
$450
60
$200
$450
$650
80
$200
$800
$1,000
For the cost data shown above, what is this firm's Average Total Cost (ATC) when Output (Q) is 80?
$12.50
$1,000
$11.25
O $10.83
20
Transcribed Image Text:Question 7 of 20 Total Total Average Average Average Fixed Variable Total Marginal Variable Fixed Cost $200 Output Total (Q) Cost Cost Cost Cost Cost Cost $0 $200 $200 $150 $350 40 $200 $250 $450 60 $200 $450 $650 80 $200 $800 $1,000 For the cost data shown above, what is this firm's Average Total Cost (ATC) when Output (Q) is 80? $12.50 $1,000 $11.25 O $10.83 20
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