A certain firm produces and sells staplers. Last year, it produced 7,000 stapler

Question

A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total cost of $45,000. Refer to Scenario 1. In producing the 7,000 staplers, the firm's average fixed cost was $1.00. $1.32. $2.21. $2.43. A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total cost of $45,000. Refer to Scenario 1. In producing the 7,000 staplers, the firm's average variable cost was $2.43. $4.00. $6-00. $6.43. A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total cost of $45,000. Refer to Scenario 1. In producing the 7,000 staplers, the firm's average total cost was $2.43. $4.00.

Explanation / Answer

25)
TC=FC+VC
FC=TC-VC
FC=45000-28000
FC=27000
AFC=FC/Q
AFC=17000/7000
AFC=2.43

26)AVC=VC/Q
AVC=28000/7000
AVC=4

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