Question at position 7 In the table, if the firm hires 5 workers, and produces 10 units, average variable costs equal, [table]
# of Workers | Total Cost 0 | 50 1 | 110 2 | 160 3 | 200 4 | 240 5 | 250 6 | 260 7 | 280 8 | 310 9 | 350
[/table]A) 50B) 80C) 20D) 200Clear my selection

Question

Question at position 7 In the table, if the firm hires 5 workers, and produces 10 units, average variable costs equal, [table]
# of Workers | Total Cost 0 | 50 1 | 110 2 | 160 3 | 200 4 | 240 5 | 250 6 | 260 7 | 280 8 | 310 9 | 350
[/table]A) 50B) 80C) 20D) 200Clear my selection

BlackTom AI · Accepted Answer

First, identify the fixed cost from the table: when output is zero workers, Total Cost = 50. This is the fixed cost because there is no production.
Next, compute variable cost at 5 workers: Variable Cost = Total Cost − Fixed Cost = 250 − 50 = 200.
Then, relate variable cost to output: the firm produces 10 units at 5 workers, so Average Variable Cost (AVC) = VC / Quantity = 200 / 10 = 20.
Now evaluate the given options:
- Option A: 50 would be the fixed cost (or perhaps misinterpretation as AVC) but AVC is not 50 here since VC is 200 and quantity is 10.
- Option B: 80 would imply VC = 800 if applied to 10 units, which contradicts the calculated VC of 200 from the table.
- Option C: 20 matches the computed AVC = 200 / 10, using VC derived from the TC table and FC = 50.
- Option D: 200 would be the total variable cost for 10 units, not the average; AVC is VC divided by output, so 200 is not AVC but the total VC.
Thus, the correct interpretation yields AVC = 20, which aligns with Option C.

Question at position 7 In the table, if the firm hires 5 workers, and produces 10 units, average variable costs equal, [table] # of Workers | Total Cost 0 | 50 1 | 110 2 | 160 3 | 200 4 | 240 5 | 250 6 | 260 7 | 280 8 | 310 9 | 350 [/table]A) 50B) 80C) 20D) 200Clear my selection

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