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The following information is for a product of Lanier Company:
Last year,the variable cost per unit was $25.Total fixed costs were $800,000.At a volume of 170,000 units,the company achieved a profit of $50,000.
Required:
What was the unit sales price for the product last year?
Marginal Product
Marginal Product is the additional output that results from using one more unit of a particular input, holding other inputs constant.
Average Product
The output per unit of input, typically calculated by dividing total output by the quantity of a specific input used.
Average Total Cost
The total cost divided by the number of units produced, representing the cost per unit of output.
Average Variable Cost
Average Variable Cost is calculated by dividing the total variable cost (cost that changes with the amount of output) by the quantity of output produced.
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