-This month, the local widget factory produced 100 widgets. The total variable cost of production was $500 and the average total cost of production was $8.
a) What is the total cost?
b) What is the total fixed cost?
c) What is the average fixed cost?
d) What is the average variable cost?
Definitions:
Disclaim
To refuse a right or renounce a claim to something, often as a legal declaration.
Fitness for a Particular Purpose
A legal doctrine that implies a seller's promise that the goods sold will suit the specific purpose for which the buyer intends to use them.
Implied Warranty
A legal concept that assumes a product will meet certain standards of quality and reliability without being explicitly stated.
Physical Nature
The intrinsic physical characteristics and properties of an object or person.
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