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Basic Question 7 of 29
If average fixed cost is $2 and average variable cost is $3, then total cost is $5. True or False?
User Contributed Comments 4
| User | Comment |
|---|---|
| AdrianCighi | $5= AVERAGE total cost |
| guna | Watchout for the word "Average" |
| Oarona | Thanks for the hint |
| papajohn | How about if output is 1 unit? |
I used your notes and passed ... highly recommended!
Lauren
Learning Outcome Statements
determine and interpret break even and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition
CFA® 2024 Level I Curriculum, Volume 1, Module 1.