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

Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
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.
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
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?
Are fixed costs also sunk costs? Explain.
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?
How do we calculate marginal product?
What is the difference between fixed costs and variable costs?
Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
What is a production technology?

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