When it produces 100 units, a firm’s total variable cost is $300 and its total fixed cost is $2700. What is the average cost?1 point$3$24$27$30
Question
Solution 1
The average cost of a product is calculated by dividing the total cost (fixed costs + variable costs) by the quantity of output produced.
Step 1: Calculate the total cost. The total cost is the sum of the total variable cost and the total fixed cost. In this case, the total cost is $300 (total var Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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