Mr. Hudson notes that if he produces 10 pairs of shoes per day, his average fixed cost (AFC) is $14 and his marginal cost is $8; if he produces 20 pairs of shoes per day, his MC is $15. What is his AFC when output is 20 pairs of shoes per day?
A) $5
B) $7
C) $8
D) $15
Correct Answer:
Verified
Q71: Use the table below to answer the
Q73: A fruit packing plant usually shuts down
Q77: Use the table below to answer the
Q143: The average fixed costs of a firm
Q144: Which of the following will become smaller
Q163: Marginal cost is best defined as
A) a
Q173: The marginal cost of a good is
A)
Q177: If a firm produces nothing, which of
Q178: For a firm that wants to remain
Q180: If average fixed costs equal $60 and
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