Asked by Matthew Eskender on May 05, 2024
Verified
(Table: Output and Costs) Use Table: Output and Costs.When output is 4,total variable cost equals:
A) $48.
B) $38.
C) $58.
D) $28.
Total Variable Cost
The sum of all costs that vary with the level of output, including materials and labor directly involved in production.
Output
The quantity of goods or services produced in a given period by a firm, industry, or country.
Total Cost
The combined amount of all expenses and costs associated with the production and sale of a good or service.
- Compute the aggregate, variable, and incremental costs utilizing the provided data.
- Distinguish between fixed and variable costs.
Verified Answer
NM
Noelle MurrayMay 07, 2024
Final Answer :
A
Explanation :
Total Variable Cost (TVC) increases as output increases. At an output of 4, the TVC is $48, as it is the cost associated with producing that level of output excluding any fixed costs.
Learning Objectives
- Compute the aggregate, variable, and incremental costs utilizing the provided data.
- Distinguish between fixed and variable costs.
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