1. Here is some partial short-run cost information about Pete's Pickle Paradise, a firm in a...

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1. Here is some partial short-run cost information about Pete's Pickle Paradise, a firm in a competitive industry. Buckets Total Total of Pickles Cost Cost 0 1 2 3 4 5 Fixed Variable Total Cost 6 $10 Question 1 Question 2 $1 $4 Question 3 $8 $26 $23 1a. What is the average fixed cost of producing 3 buckets of pickles? Enter your answer in the form XX.XX (no dollar sign or commas). $29 1b. What is the average variable cost of producing 5 buckets of pickles? Enter your answer in the form XX.XX (no dollar sign or commas). 1c. What is the average total cost of producing 6 buckets of pickles? Enter your answer in the form XX.XX (no dollar sign or commas). 1. Here is some partial short-run cost information about Pete's Pickle Paradise, a firm in a competitive industry. Buckets Total Total of Pickles Cost Cost 0 1 2 3 4 5 Fixed Variable Total Cost 6 $10 Question 1 Question 2 $1 $4 Question 3 $8 $26 $23 1a. What is the average fixed cost of producing 3 buckets of pickles? Enter your answer in the form XX.XX (no dollar sign or commas). $29 1b. What is the average variable cost of producing 5 buckets of pickles? Enter your answer in the form XX.XX (no dollar sign or commas). 1c. What is the average total cost of producing 6 buckets of pickles? Enter your answer in the form XX.XX (no dollar sign or commas).

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To solve these questions we need to calculate the average fixed cost AFC average variable cost AVC a... View the full answer