Variable Fixed Output Marginal Total Total Marginal costInput Input units Physical Product of fixed variable costVariable input cost (dollars) (dollars)$0
3 answers
Question:
Variable Fixed Output Marginal Total Total Marginal cost Input Input units Physical Product of fixed variable cost
Variable input cost (dollars) (dollars)
$0 1 0 $500 0
1 1 10 (A) $500 $200 E
2 1 25 (B) $500 400 (G)
3 1 45 (C) $500 600 (H)
4 1 60 (D) $500 800 (I)
5 1 70 (E) $500 1000 (J)
What is the average total cost of producing 60 units of output?
a. $24.17
b. $21.67
c. $12.50
d. $1.33
Variable input cost (dollars) (dollars)
$0 1 0 $500 0
1 1 10 (A) $500 $200 E
2 1 25 (B) $500 400 (G)
3 1 45 (C) $500 600 (H)
4 1 60 (D) $500 800 (I)
5 1 70 (E) $500 1000 (J)
What is the average total cost of producing 60 units of output?
a. $24.17
b. $21.67
c. $12.50
d. $1.33
Answers
$21.67
Explanation:
Exhibit 21-3 is attached with the answer .Please find it.
Total cost of production includes the fixed cost and variable cost. Fixed Cost remains constant as $500 in the exhibit, but the variable cost changes with each production level.
Cost of producing 60 units
Variable cost = $800
Fixed cost = $500
Total cost = $800+500 = $1,300
Product cost per unit = Total cost / numbers of unit = $1,300 / 60 = $21.67
[tex]Variable Input Fixed Input Output Marginal Physical Product of Variable Input Total Fixed Cost Total[/tex]
answer; comparing the additional benefits and costs;
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