-In the Above Table, What Is the Average Total Cost

question 360

Multiple Choice

-In the above table, what is the average total cost to produce 3 units of output?

• A) $33.33
• B) $53.33
• C) $55
• D) $20

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Definitions:

Ordinary Gain

Gain characterized as ordinary income for tax purposes, typically resulting from the sale of assets not considered capital assets.

Sold

The act of transferring ownership of an item or asset for money or value in exchange.

Basis

The amount of investment in an asset for tax purposes, used to calculate gain or loss on the asset's disposition.

Liability

An obligation or debt owed to another party, which can be a factor in personal and business finances.