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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?
| Total Output (Q/day) | Total Fixed Costs (TFC) | Total Variable Costs (TVC) |
| 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 |
A) $20.12; $19.33
B) $17.25; $18.32
C) $19.33; $20.12
D) $9.33; $10.12
Answer
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