The accompanying table gives cost data for a firm that is selling in a purely competitive market.

At 5 units of output, what are the average fixed cost, average variable cost, and average total cost?

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Total Output 2 w 4 S 6 Total Fixed Cost $50 50 50 50 50 50 50 Total Variable Cost $0 70 120 150 220 300 390 Total Cost $50 120 170 200 270 350 440 Total Output 2 w 4 S 6 Total Fixed Cost $50 50 50 50 50 50 50 Total Variable Cost $0 70 120 150 220 300 390 Total Cost $50 120 170 200 270 350 440

Answer rating: 100% (QA)

Total Fixed cost at unit 5 50 Average fixed cost Total fixed ... View the full answer