A firm incurred the following costs in production. Use the information in the table to answer questions below
|
Output(bags of rice) |
0 | 10 | 20 | 30 | 40 | 50 |
60 |
|
Total cost$ |
100 | 200 | 300 | 380 | 440 | 520 |
600 |
The average cost of producing 40 bags of rice is
Average cost is calculated by dividing the total cost by the quantity of output. From the table, the total cost of producing 40 bags
of rice is $440. Therefore, the average cost of producing 40 bags of rice is $440/40 = $11.
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