Practice: If average total cost is $50, quantity produced is 10 and total fixed cost $100, what is the total variable cost for the output of 10?
| Sections | |||
|---|---|---|---|
| Revenue, Cost, and Profit | 41 mins | 0 completed | Learn |
| The Production Function and Diminishing Returns | 13 mins | 0 completed | Learn |
| Marginal Cost | 28 mins | 0 completed | Learn |
| The Relationship Between Average Cost and Marginal Cost | 24 mins | 0 completed | Learn |
| Graphing Costs | 18 mins | 0 completed | Learn |
| Average Total Cost: Short Run and Long Run | 19 mins | 0 completed | Learn |
| Isoquant Lines | 10 mins | 0 completed | Learn |
| Isocost Lines | 7 mins | 0 completed | Learn |
| Cost-Minimizing Combination of Labor and Capital | 7 mins | 0 completed | Learn |
One of the most important graphs in microeconomics!
Concept #1: Graphing Cost Curves
Practice: Based on the graph below, at a quantity of 100, AFC is equal to:
Practice: When a firm is producing zero output, total cost equals:
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