ECON 1900 Study Guide - Average Variable Cost, Marginal Cost, Variable Cost
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Output |
0 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
Total cost |
100 |
120 |
140 |
160 |
220 |
300 |
450 |
600 |
1,000 |
2,500 |
5,000 |
1. The fixed costs for the firm are:
a) 100
b) 10
C) 5
D) Cannot be calculated at all
2. The average cost of production when 5 items were made is:
a) 55
b) 60
c) 75
d) 86
3. The marginal cost of the 7th unit is:
a) 450
b) 600
c) 400
d) 150
4. The variable cost per unit when 4 units are made is:
a) 20
b) 30
c) 40
d) 58