Total cost is 500. AVC is 15, the price is 20 and quantity sold is 10. Match the following costs with values.

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350

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150

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Solution

The formulae to be used in this question are simple. You are given the total cost and quantity, and thus average total cost is simply Total Cost / Quantity = 50. From the given average variable cost, we can get total varaible cost (TVC) = AVC x Quantity = 150. From TVC and TC, we get TFC as TC - TVC = 350. From TFC, dividing it by quantity, we get AFC = 35.

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