A Professor Has Received a Grant to Travel to an Archaeological

question 41

Short Answer

A professor has received a grant to travel to an archaeological dig site. The grant includes funds for three graduate students to accompany the professor. If there are six graduate students available to the professor and all the funds are to be used (i.e., three students will go), how many choices does the professor have?
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Definitions:

ATC

Average Total Cost, a financial metric calculated by dividing total cost by the quantity of output produced, illustrating the average cost per unit of output.

AVC

Average Variable Cost is the total variable costs divided by the quantity of output produced.

AFC

Average Fixed Cost, the fixed cost per unit of output, calculated by dividing total fixed costs by the quantity produced.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the total quantity of output produced.