Variable Output -42 1 2 3 TVC TC AFC 400 700 O $200 O $250 1000 4 Use the above table and assume fixed costs of $1000 33. At an output of 4, AFC is: 1400 AVC O $500 O $1000 O Cannot be determined ATC Marginal Cost

Variable Output -42 1 2 3 TVC TC AFC 400 700 O $200 O $250 1000 4 Use the above table and assume fixed costs of $1000 33. At an output of 4, AFC is: 1400 AVC O $500 O $1000 O Cannot be determined ATC Marginal Cost

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

Variable
Output
1
O $200
O $250
TVC
O $500
400
700
2
3
4
1400
Use the above table and assume fixed costs of $1000
33. At an output of 4, AFC is:
1000
TC AFC
O
$1000
O Cannot be determined
AVC
ATC
Marginal Cost

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