-Notice the costs of production for a firm in the table below.What are the total costs for outputs of 7 units and 8 units respectively? $$\begin{array} { c c c }
\begin{array} { c }
\text { Total Output } \
\text { (Q/day) }
\end{array} & \begin{array} { c }
\text { Total Fixed Costs } \
\text { (TFC) }
\end{array} & \begin{array} { c }
\text { Total Variable Costs } \
\text { (TVC) }
\end{array} \
\hline 0 & \$ 10 & \$ 0 \
1 & \$ 10 & \$ 3.50 \
2 & \$ 10 & \$ 4.75 \
3 & \$ 10 & \$ 5.80 \
4 & \$ 10 & \$ 6.40 \
5 & \$ 10 & \$ 7.25 \
6 & \$ 10 & \$ 8.32 \
7 & \$ 10 & \$ 9.33 \
8 & \$ 10 & \$ 10.12
\end{array}$$
A)$20.12; $19.33
B)$17.25; $18.32
C)$19.33; $20.12
D)$9.33; $10.12

Question

-Notice the costs of production for a firm in the table below.What are the total costs for outputs of 7 units and 8 units respectively? $$\begin{array} { c c c } 
\begin{array} { c } 
\text { Total Output } \
\text { (Q/day) }
\end{array} & \begin{array} { c } 
\text { Total Fixed Costs } \
\text { (TFC) }
\end{array} & \begin{array} { c } 
\text { Total Variable Costs } \
\text { (TVC) }
\end{array} \
\hline 0 & \$ 10 & \$ 0 \
1 & \$ 10 & \$ 3.50 \
2 & \$ 10 & \$ 4.75 \
3 & \$ 10 & \$ 5.80 \
4 & \$ 10 & \$ 6.40 \
5 & \$ 10 & \$ 7.25 \
6 & \$ 10 & \$ 8.32 \
7 & \$ 10 & \$ 9.33 \
8 & \$ 10 & \$ 10.12
\end{array}$$
A)$20.12; $19.33 
B)$17.25; $18.32 
C)$19.33; $20.12 
D)$9.33; $10.12

Quizplus · Accepted Answer

Total cost is the sum of total fixed costs and total variable costs. For 7 units, TC = $10 + $9.33 = $19.33. For 8 units, TC = $10 + $10.12 = $20.12.

-Notice the Costs of Production for a Firm in the Table