A) When output is 500, a firm's fixed costs are $10,000 and its variable costs are...
A) When output is 500, a firm's fixed costs are $10,000 and its variable costs are $15,000. The firm's total costs are therefore: $ 5,000. $10,000. $15,000. $25,000.
B) If fixed costs are $960, variable costs are $1,440, and output is 12, then average total cost equals:
$ 80.
$100.
$120.
$200.
Homework Answers
A) Firm's fixed cost = 10000
Its variable cost = 15000
Total cost = fixed cost + variable cost = 10000+15000 = 25000
B) Fixed Cost = 960
Variable cost = 1440
output = 12
Total cost = fixed cost + variable cost = 960+1440 = 2400
Average total cost = total cost / output = 2400 / 12 = 200
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