Use the following to answer questions : $$\begin{array}{l}
\text { Table: Total Cost Data }\
\begin{array} { c c c }
\hline \begin{array} { c }
\text { Quantity of } \
\text { Output }
\end{array} & \begin{array} { c }
\text { Variable } \
\text { Cost } \
( \text { VC) }
\end{array} & \begin{array} { c }
\text { Total Cost } \
( \boldsymbol { T C } )
\end{array} \
\hline 0 & \$ 0 & \$ 50 \
1 & 50 & 100 \
2 & 70 & 120 \
3 & 100 & 150 \
4 & 140 & 190 \
5 & & 240 \
6 & 250 & 300 \
7 & 320 & 370 \
\hline
\end{array}
\end{array}$$
-(Table: Total Cost Data)Use Table: Total Cost Data.What is the fixed cost for this bicycle firm?
A) $40
B) $50
C) $100
D) $70

Question

Use the following to answer questions : $$\begin{array}{l}
\text { Table: Total Cost Data }\
\begin{array} { c c c } 
\hline \begin{array} { c } 
\text { Quantity of } \
\text { Output }
\end{array} & \begin{array} { c } 
\text { Variable } \
\text { Cost } \
( \text { VC) }
\end{array} & \begin{array} { c } 
\text { Total Cost } \
( \boldsymbol { T C } )
\end{array} \
\hline 0 & \$ 0 & \$ 50 \
1 & 50 & 100 \
2 & 70 & 120 \
3 & 100 & 150 \
4 & 140 & 190 \
5 & & 240 \
6 & 250 & 300 \
7 & 320 & 370 \
\hline
\end{array}
\end{array}$$
-(Table: Total Cost Data)Use Table: Total Cost Data.What is the fixed cost for this bicycle firm?
A) $40
B) $50
C) $100
D) $70

Quizplus · Accepted Answer

Fixed cost is the cost that does not change with the level of output. In this case, the fixed cost is $50, which is the total cost when the quantity of output is 0.

Use the Following to Answer Questions -(Table: Total Cost Data)Use Table: Total Cost Data