Product of output is 50 the market price is $23and the average total cost is $20. What is rhe total cost?
To find the total cost, we need to multiply the average total cost by the quantity of the output.
Total Cost = Average Total Cost * Quantity of Output
Given that the quantity of output is 50 and the average total cost is $20:
Total Cost = $20 * 50 = $1000.
Therefore, the total cost is $1000.
To find the total cost, we need to use the formula for total cost.
Total Cost = Average Total Cost * Quantity
Given that the average total cost is $20 and the quantity (output) is 50, we can substitute these values into the formula:
Total Cost = $20 * 50
Calculating the total cost:
Total Cost = $1000
Therefore, the total cost is $1000.
To find the total cost, we need to divide the market price by the average total cost and multiply it by the product of the output.
Total Cost = (Market Price / Average Total Cost) * Product of Output
Given that the market price is $23, the average total cost is $20, and the product of the output is 50, we can substitute these values into the formula:
Total Cost = ($23 / $20) * 50
First, let's divide the market price by the average total cost:
$23 / $20 = 1.15
Now, let's multiply the result by the product of the output:
1.15 * 50 = $57.50
Therefore, the total cost is $57.50.