Use the following to answer question:
-(Figure and Table: Variable,Fixed,and Total Costs)Use Figure and Table: Variable,Fixed,and Total Costs.When 96 bushels of wheat is produced,the average fixed cost is _____,average variable cost is _____,and average total cost is _____.
A)$7.84;$11.76;$19.60
B)$133.33;$200.00;$333.33
C)$4.17;$16.67;$20.83
D)$5.33;$13.33;$18.67

Question

Use the following to answer question: 
-(Figure and Table: Variable,Fixed,and Total Costs)Use Figure and Table: Variable,Fixed,and Total Costs.When 96 bushels of wheat is produced,the average fixed cost is _____,average variable cost is _____,and average total cost is _____.
A)$7.84;$11.76;$19.60 
B)$133.33;$200.00;$333.33 
C)$4.17;$16.67;$20.83 
D)$5.33;$13.33;$18.67

Quizplus · Accepted Answer

From the table, we can find that when 96 bushels of wheat is produced:
- Fixed cost = $400 / 96 bushels = $4.17 per bushel
- Variable cost = $1600 / 96 bushels = $16.67 per bushel
- Total cost = fixed cost + variable cost = $4.17 + $16.67 = $20.83 per bushel
Therefore, the correct answer is C.

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