Question: An incomplete cost schedule for producing pizzas Pizzas Fixed Cost ($) Variable Cost ($) Total Cost ($) 0 1 48 2 17 3 27 4

An incomplete cost schedule for producing pizzas

Pizzas

Fixed

Cost ($)

Variable

Cost ($)

Total

Cost ($)

0

1

48

2

17

3

27

4

78

5

40

90

(a) What is the total cost if 0 pizzas are produced?

(b) What is the average variable cost of 5 pizzas?

(c) What is the marginal cost of the third pizza?

(d) If marginal revenue was $10, what would be the profit maximising output?

(e) If marginal revenue was $7, what would be the profit maximising output?

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