Refer to the figure below. What are average fixed costs at q=9? (Remember, do not enter the $ sign.)

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BlackTom AI · Accepted Answer

To determine average fixed costs (AFC) at q = 9, we rely on the AFC curve shown in the figure. AFC is defined as total fixed cost (FC) divided by quantity (q): AFC = FC / q. 
First, we read the AFC value at q = 9 from the graph. The AFC curve (the downward-sloping one labeled AFC) appears to be approximately 5.5 dollars when quantity is 9. 
Next, we convert AFC back to FC using the relationship FC = AFC × q. If AFC ≈ 5.5 and q = 9, then FC ≈ 5.5 × 9 = 49.5. 
Since the question asks for the average fixed cost at q = 9 and explicitly instructs not to enter the dollar sign, the numeric AFC value at that quantity is 5.5. 
Why this makes sense: fixed costs do not depend on output, so AFC should fall as output increases (because you’re spreading the same fixed cost over more units). The graph’s AFC value at q = 9 is lower than at lower quantities, consistent with that property. 
Why other interpretations would be incorrect: If you misread the curve as AVC or ATC, you might pick a different value, but the label AFC corresponds to the correct curve for fixed costs. If one used the price or marginal concepts (MC) instead of fixed costs, the result would not reflect fixed costs per unit. Also, noting that the AFC value is read directly from the AFC curve ensures alignment with the graph rather than making assumptions about FC without reading from the graph. 
In summary, reading AFC at q = 9 gives about 5.5, which is the requested value without a dollar sign.

ECO101H1 S LEC0101 topic quiz: behind the supply curve

Refer to the figure below. What are average fixed costs at q=9? (Remember, do not enter the $ sign.)

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ECO101H1 S LEC0101 topic quiz: behind the supply curve

Refer to the figure below. What are average fixed costs at q=9? (Remember, do not enter the $ sign.)

View Explanation

Log in for full answers

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7. If you know that when a firm produces 10 units of output, total costs are $1,030 and average fixed costs are $10, then total fixed costs are: A. $5 B. $100 C. $1,020 D. $1,040

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