Exhibit 8-3 
-Refer to Exhibit 8-3. The average variable cost at 3 units of output is
A) $49.33.
B) $16.
C) $13.33.
D) $29.33.
E) $25.
Correct Answer:
Verified
Q29: If a firm is experiencing diminishing returns
Q30: Exhibit 8-3 Q31: Average fixed cost Q32: Assume that 1 laborer produces 6 units Q33: Average total cost is average variable cost Q35: A production function is the relationship between Q36: In the short run, total cost is Q37: Marginal cost is total costs divided by Q38: Average fixed cost always declines as output Q39: When diminishing returns to labor begins,![]()
A)increases as output rises.
B)remains constant
A)total
A)average total
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents