Average total cost is very high when a small amount of output is produced becauseGroup of answer choicesaverage variable cost is high.average fixed cost is high.marginal cost is high.marginal product is high.

The following table shows cost data for a perfectly competitive firm. Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost1 $500 $120 $620 $1202 250 108 358 953 167 97 263 754 125 88 213 605 100 81 181 556 83 78 161 607 71 78 149 808 63 81 144 1059 56 87 143 13510 50 96 146 170 If the product price is $55, the profit-maximizing output isMultiple Choice0.76.112.152.

Refer to the table below. The marginal cost of the third unit of output is: Output Total fixed cost Total variable cost Average variable cost0 200 0  1 200 50 $50.002 200 90 45.003 200 120 40.004 200 160 40.005 200 220 44.00Multiple Choice$30.$40.$45.$50.

Total fixed cost divided by the amount of output produced is equal to:Multiple choice question.average fixed cost.average variable cost.average total cost.marginal cost.

When Marginal cost and Average cost falls,Group of answer choicesthey fall at the same speed.Marginal cost falls faster than Average Cost.they do not depend on output.Average cost falls faster than Marginal cost.

Average fixed cost:Group of answer choicesmay be found for any output by adding average variable cost and average total cost.declines so long as output increases.is intersected by marginal cost at its minimum point.graphs as a U-shaped curve.