Agricultural price supports?
Agricultural price supports
a. decrease the price of food for poor people.
b. increase the profits for farmers.
c. insure that only the productive farmers remain in business.
d. all of the above are true.
e. none of the above is true
Total Output - Total Cost
0 - $100
2 - 196
4 - 212
6 - 310
8 - 430
10 - 570
7.In the table above, when total output is 8 units, the average variable cost is
a.$3,440.
b.AVC cannot be determined from the information given.
c.$41.25.
d.$53.75. -I believe this is the correct answer, but Im not 100% sure!
e.$15.
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Verified answer
b. Agricultural price supports increase the profits for farmers.
Total Output || Total Cost
0 || $100 = therefore this is the Total fixed costs
8 || 430 = 100 Total fixed costs + 330 Total Variable costs
Average variable cost = 330/8= 41.25
c.$41.25