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Formula fixed rate of production is $350 and price is $55. what do I do with this

Economics
Tutor: None Selected Time limit: 1 Day

Apr 22nd, 2015

Total revenue is QP, in this case TR=55Q. So you add 55 each time down the TR column. You can acquire your variable cost by subtracting your total cost for 0 output from your short term total cost. To get average variable cost, you merely divide by output. SO for output 1, average variable cost is 50. For 2, it is (425-350)/2=37.5, etc.

Apr 22nd, 2015

Thanks for your help, I'm still lost but I'm going to try and read over the answer.  I know this may be easy for some,but not for me.

Apr 22nd, 2015

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Apr 22nd, 2015
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Apr 22nd, 2015
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