Refer to Table 13-14. What is the total cost of producing 7 units of output?

Table 13-14

Quantity of Output	Fixed Cost	Variable Cost	Total Cost	Average Fixed Cost	Average Variable Cost	Average Total Cost	Marginal Cost
1		$23	$33
2		$38
3			$60
4		$54
5			$80
6		$88
7		$113
8			$155

Refer to Table 13-14. What is the total cost of producing 7 units of output?

a.$10

b.$143

c.$123

d.$185

Solutions

Expert Solution

*ANSWER :: (C) $123

=> Explanation ::

-> Fixed Cost At Output - 1

-> Fixed Cost = Total Cost - Variable Cost

= $33 - $23

= $10

=> So Fixed Cost Is Always Same At Every Output Level ::

=> Total Cost At Output - 7

= Total Fixed Cost + Total Variable cost

= $10 + $113

= $123

=> So Total Cost Of Producing At 7 Unit Of Output Is $123

Rahul Sunny answered 1 year ago

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