Please show all work!! A mechanic’s variable costs are given by the function V C =...
Please show all work!!
A mechanic’s variable costs are given by the function V C = 5c 2 + 50c, where c is the number of cars repaired. Fixed costs are $20. If the mechanic repairs a total of 10 cars, what is the average variable cost? (a) $100 (b) $102 (c) $150 (d) $200 (e) $75
Homework Answers
Answer
The correct answer is (a) $100.
Average Variable Cost(AVC) is the Total variable cost per unit of output.
Formula :
Average Variable Cost(AVC) = Variable Cost/ Quantity
Here quantity = c and Variable cost = VC = 5c2 + 50c
Hence, Average Variable Cost(AVC) = VC/c = (5c2 + 50c)/c = 5c + 50
If 10 cars are repaired i.e. c = 10, Average Variable cost = 5c + 50 = 5*10 + 50 = 100
Thus, If the mechanic repairs a total of 10 cars, the average variable cost is $100
Hence, the correct answer is (a) $100.
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Please show all work!!
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