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-Notice the Costs of Production for a Firm in the Table

question 266

Multiple Choice

$-Notice the costs of production for a firm in the table below.What are the total costs for outputs of 7 units and 8 units respectively? \begin{array} { c c c } \begin{array} { c } \text { Total Output } \\ \text { (Q/day) } \end{array} & \begin{array} { c } \text { Total Fixed Costs } \\ \text { (TFC) } \end{array} & \begin{array} { c } \text { Total Variable Costs } \\ \text { (TVC) } \end{array} \\ \hline 0 & \$ 10 & \$ 0 \\ 1 & \$ 10 & \$ 3.50 \\ 2 & \$ 10 & \$ 4.75 \\ 3 & \$ 10 & \$ 5.80 \\ 4 & \$ 10 & \$ 6.40 \\ 5 & \$ 10 & \$ 7.25 \\ 6 & \$ 10 & \$ 8.32 \\ 7 & \$ 10 & \$ 9.33 \\ 8 & \$ 10 & \$ 10.12 \end{array} A) $20.12; $19.33 B) $17.25; $18.32 C) $19.33; $20.12 D) $9.33; $10.12$
-Notice the costs of production for a firm in the table below.What are the total costs for outputs of 7 units and 8 units respectively? $\begin{array} { c c c } \begin{array} { c } \text { Total Output } \\\text { (Q/day) }\end{array} & \begin{array} { c } \text { Total Fixed Costs } \\\text { (TFC) }\end{array} & \begin{array} { c } \text { Total Variable Costs } \\\text { (TVC) }\end{array} \\\hline 0 & \$ 10 & \$ 0 \\1 & \$ 10 & \$ 3.50 \\2 & \$ 10 & \$ 4.75 \\3 & \$ 10 & \$ 5.80 \\4 & \$ 10 & \$ 6.40 \\5 & \$ 10 & \$ 7.25 \\6 & \$ 10 & \$ 8.32 \\7 & \$ 10 & \$ 9.33 \\8 & \$ 10 & \$ 10.12\end{array}$

Definitions:

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