If you know fixed cost and the marginal cost of producing 10 units of output, then you can always compute the average cost of producing 10 units of output.

Name: If you know fixed cost and the marginal cost of producing 10 units of output, then you can always compute the average cost of producing 10 units of output.
Brand: Quizplus
Rating: 4.9 (29 reviews)

Question

Quizplus · Accepted Answer

The fixed cost is not enough to determine the average cost of producing 10 units of output. The total cost, which includes variable costs, is needed to compute the average cost.

If You Know Fixed Cost and the Marginal Cost of Producing