Question

In: Economics

Consider the following data: equilibrium price = $15, quantity of output produced = 800 units, average...

Consider the following data: equilibrium price = $15, quantity of output produced = 800 units, average total cost = $13, and average variable cost $9. Given this information, total revenue is ___________, total cost is _____________, and total fixed cost is ______________.

$9,000; $8,000; $6,000

$12,000; $10,400; $3,200

$1,200; $1,040; $320

$12,000; $10,400; $7,200

Expert Solution

Option 2

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total revenue =P*Q

=800*15

=12000

the total revenue is $12000

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total cost =average total cost * quantity

=800*13

=10400

the total cost is $10400

------------

total fixed cost =(ATC-AVC)*Q

=(13-9)*800

=$3200

The total fixed cost is $3200

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Rahul Sunny answered 2 years ago

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