Use the following to answer questions:
-(Figure and Table: Variable, Fixed, and Total Costs) Look at the figure and table Variable, Fixed, and Total Costs. When 96 bushels of wheat is produced, the average fixed cost is _____, average variable cost is _____, and average total cost is _____.
A) $7.84; $11.76; $19.60
B) $133.33; $200.00; $333.33
C) $4.17; $16.67; $20.83
D) $5.33; $13.33; $18.67

Question

Use the following to answer questions: 
-(Figure and Table: Variable, Fixed, and Total Costs) Look at the figure and table Variable, Fixed, and Total Costs. When 96 bushels of wheat is produced, the average fixed cost is _____, average variable cost is _____, and average total cost is _____.
A) $7.84; $11.76; $19.60 
B) $133.33; $200.00; $333.33 
C) $4.17; $16.67; $20.83 
D) $5.33; $13.33; $18.67

Quizplus · Accepted Answer

The average fixed cost is calculated by dividing total fixed costs by the quantity produced. The average variable cost is calculated by dividing total variable costs by the quantity produced. The average total cost is the sum of average fixed cost and average variable cost.

Use the Following to Answer Questions