Question: 39) What are the average variable costs, average fixed costs, and average total costs? A. AVC= $1,014/head or $101.40/cwt; AFC= $300/head or $3/cwt; ATC= $1,044/head

39) What are the average variable costs, average fixed costs, and average total costs?

A. AVC= $1,014/head or $101.40/cwt; AFC= $300/head or $3/cwt; ATC= $1,044/head or $104.40/cwt

B. AVC= $1,044/head or $104.40/cwt; AFC= $0/head or $0/cwt; ATC= $1,044/head or $104.40/cwt

C. AVC= $984/head or $98.40/cwt; AFC= $60/head or $6/cwt; ATC= $1,044/head or $104.40/cwt

D. None of the above

40) What should buddy do?

A. feed the calves; he should produce where MR=MC to earn a profit

B. feed the calves; he should produce where MR=MC to minimize his loss

C. He should not feed the calves. his loss will equal the fixed costs.

D. he should not feed the calves that way he will not lose any money.

Buddy is determining whether to feed calves. The facility has already been rented and the labor has already been hired. These are now fixed. Help Buddy determine what to do by answer the associated questions with the help of the information below Note: cwt stands for hundred weight (=100 lbs). Each steer weighs 1000 lbs or 10 cwt. Revenue 599 /cwt 10 cwt/steer 100 steers Total Revenue 599,000 Costs Feed Feeder cattle Vet and med Power, fuel Rent Hired Labor $23,000 S71.000 $2,000 S2,400 $3,000 $3.000 Question 38 (3 points) What are total variable costs (TVC), total fixed costs (TFC), and total costs? OTVC=$101,400; TFC= $3,000; TC=$104,400 OTVC= $104,400; TFC= $0; TC=$104,400 OTVC-$98,400; TFC=$6,000; TC-$104,400 None of the above

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