Consider the following data: equilibrium price = $21, quantity of output produced = 1,000 units, average...

Consider the following data: equilibrium price = $21, quantity of output produced = 1,000 units, average total cost = $13, and average variable cost $9. Given this information, total revenue is ___________, total cost is _____________, and total fixed cost is ______________.

Expert Solution

AFC = ATC - AVC = 13-9= 4

Fixed cost = 4*1000= 4000

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Total revenue = PQ = 21*1000= 21000

Total cost = ATC*Q= 13*1000= 13000

Total fixed cost = 4000

Rahul Sunny answered 2 years ago

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