A firm produces five units of output at an average cost of $20 per unit. The cost of the sixth unit is$26.What is the average cost of six units?
Question
Solution 1
To calculate the average cost of six units, you need to follow these steps:
First, calculate the total cost of the first five units. Since each unit costs $20, you multiply 5 units * $20/unit = $100.
Then, add the cost of the sixth unit, which is $26. So, $100 + $26 = $126.
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