The Figure Given Below Shows the Average Fixed Cost (AFC)

question 40

Multiple Choice

The figure given below shows the average fixed cost (AFC) and the average variable cost (AVC) curves of a competive firm. Figure 7.1
- Using Figure 7.1 determine the average total cost of producing the first unit of the output.

• A)$10.
• B)$20.
• C)$30.
• D)$40.
• E)$50.

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Definitions:

Agriculture

The practice of cultivating the soil, growing crops, and raising livestock for the purpose of food production or other agricultural products.

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Developing World

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