Exhibit
The table below shows how total cost varies with output in a factory producing watches:

-Refer to Exhibit. If the output equals five watches per week, the average fixed cost and average variable cost of production equal ____ and ____, respectively.

Question

Exhibit
The table below shows how total cost varies with output in a factory producing watches:
​
 
-Refer to Exhibit. If the output equals five watches per week, the average fixed cost and average variable cost of production equal ____ and ____, respectively.

Quizplus · Accepted Answer

Average fixed cost is calculated by dividing total fixed costs by the quantity of output. Average variable cost is calculated by dividing total variable costs by the quantity of output.

Exhibit The Table Below Shows How Total Cost Varies with Output