Below is a chart of costs for an agribusiness firm that produces beef (lbs).
$\begin{array}{llcccccc}
\underline{\mathrm{Y}} & \underline{\text { TFC }} & \underline{\text { TVC }}& \underline{\text { TC }} & \underline{\text { ATC }} & \underline{\text { AVC }} & \underline{\text { MC }} \
0 &10&0&10&--&--&--\
1 & 10 & 10 & 20 &\underline {\quad} & 10&\underline {\quad}\
2 & \underline {\quad} & \underline {\quad} & \underline {\quad} & 14& 9 &8 \
3 & 10 & 24 & 34 & 11.3 & 8 & 6 \
4 & \underline {\quad} &\underline {\quad} & \underline {\quad} & \underline {\quad} &\underline {\quad} & 8
\end{array}$
-What are the units for AVC?

Question

Below is a chart of costs for an agribusiness firm that produces beef (lbs).
 $\begin{array}{llcccccc}
 \underline{\mathrm{Y}} &  \underline{\text { TFC }} &  \underline{\text { TVC }}&  \underline{\text { TC }} & \underline{\text { ATC }} & \underline{\text { AVC }} & \underline{\text { MC }} \
0 &10&0&10&--&--&--\
1 & 10 & 10 & 20 &\underline {\quad} & 10&\underline {\quad}\
2 & \underline {\quad} &  \underline {\quad} & \underline {\quad} & 14& 9 &8 \
3 & 10 & 24 & 34 & 11.3 & 8 & 6 \
4 & \underline {\quad} &\underline {\quad}  & \underline {\quad}  & \underline {\quad} &\underline {\quad}  & 8
\end{array}$
-What are the units for AVC?

Quizplus · Accepted Answer

AVC stands for Average Variable Cost, which is calculated as the variable cost per unit of output. Therefore, its units are $/lb, indicating the cost in dollars per pound of beef produced.

Below Is a Chart of Costs for an Agribusiness Firm