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​If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its total cost? Correct Answer ​$520

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Parrain

Answer: $520

Explanation:

Total Cost = Total Fixed costs + Total Variable costs

Total fixed cost = Average fixed costs * quantity

= 40 * 8

= $320

Total variable cost = Average variable costs * quantity

= 25 * 8

= $200

Total Cost = Total Fixed costs + Total Variable costs

= $320 + 200

= $520

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