Suppose You Operate a Factory That Produces Gadgets

question 24

Multiple Choice

Suppose you operate a factory that produces gadgets. Your current output is 1,000 gadgets. If your fixed cost is $10,000 and your total cost is $50,000, the:

• A) average total cost of production is $500.
• B) average variable cost of production is $40.
• C) average variable cost of production is $50.
• D) marginal cost of production is $40,000.

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