Homework Answers
Ans.2. c) $250
Variable costs(VC) = $800
Avearge total costs( ATC) = $6
Output (Q) = 175 units
ATC = TC/ Q
TC = ATC x Q
TC = $6 x 175 [ ATC = $6 and Q = 175 units]
TC = $1050
Total costs = $1050
As we know that TC = FC+VC, then
FC = TC - VC
FC = $1050 - $800 [ TC = $1050 and VC = $800]
FC = $250
Hence, the firm's fixed costs are $250.
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