Labor(workers)01234O $1.05O $.95O $.42TP(output)0O $1.3715385668TC$16$38What is the average variable cost associated with 38 units of output?$52$74$90

Total cost refers to the total amount of cost involved in producing the goods and services. These…

Answered: What is the average variable 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 17RQ: What is the difference between fixed costs and variable costs?

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Similar questions

A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
How do we calculate marginal product?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
Are fixed costs also sunk costs? Explain.
What is a production technology?
What is die difference between accounting and economic profit?
How does fixed cost affect marginal cost? Why is this relationship important?
What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?
What is the difference between fixed costs and variable costs?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
What are the factor payments for land, labor, and capital?
7 A firm has this cost function: C = 4000 - 7Q + 8Q2. The firm is currently producing 5 units of its product. Calculate these a) Total cost b) Average fixed cost c) Average variable cost d) Marginal cost (You must clearly label and type each answer in eCourses, and show your calculations to receive any credit for your answers.)

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What is the average variable cost associated with 38 units of output? $1.05 $.95 $.42 O $1.37