Homework answers / question archive / Suppose that a firm in a competitive market faces the following revenues and costs: Quantity Total Revenue Total Cost 0 $0 $3 1 $7 $5 2 $14 $9 3 $21 $15 4 $28 $23 5 $35 $33 6 $42 $45 7 $49 $59 Refer to Table 14-10

Suppose that a firm in a competitive market faces the following revenues and costs: Quantity Total Revenue Total Cost 0 $0 $3 1 $7 $5 2 $14 $9 3 $21 $15 4 $28 $23 5 $35 $33 6 $42 $45 7 $49 $59 Refer to Table 14-10

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Suppose that a firm in a competitive market faces the following revenues and costs:

Quantity

Total Revenue

Total Cost

0

$0

$3

1

$7

$5

2

$14

$9

3

$21

$15

4

$28

$23

5

$35

$33

6

$42

$45

7

$49

$59

Refer to Table 14-10. Which level of production in the table has the lowest average variable cost?

Question 10 options:

 

a) 

1 unit

 

b) 

2 units

 

c) 

3 units

 

d) 

4 units