Homework Answers
The answer is "40"
Average Total Cost = AVC + AFC
= 20 + 20 = 40
Here AFC remains fixed when 1st unit is produced becase Total Fixed cost (TFC.)will remain fixed but falls with increase in output. and same happens with Average Fixed Cost
And with producing 1st unit AVC is 20
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2. 3. 4. 5. 6. 7. 8. A firm's average fixed cost (AFC) is 10 when...
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Microeconomic question perfectly competitive firm is The following figure shows the marginal cost, average total cost,...
Microeconomic question
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pogu u (a) Calculate the fixed cost (FC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC) from the table below. Units of output Total cost AFC ATC FC 50 AVC 0 0 MC 0 0 80 128 180 280 405 (b) Draw graphs to plot these cost curves against output. (c) Explain what these shapes tell us about returns and efficiency.
2.
3.
4.
5.
6.
7.
8.
A firm's average fixed cost (AFC) is 10 when it produces Q=2. Then at Q=5, AFC is ... ОА. 8 Ов. 2 ос. 20 In a perfectly competitive market, the demand for a single firm's product is always O A. perfectly inelastic. O B. exactly as elastic as the market demand curve. O C. inelastic, but not perfectly inelastic. O D. perfectly elastic. As a firm's output increases: O A. average variable cost...
Microeconomic question
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