What is average variable cost

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Your firm currently uses 69 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is 100 per day. Fixed costs are $2100 per day. What is total cost (TC)? What is average cost (AC)? What is variable cost (VC)? What is average variable cost (AVC)? Is the firm profitable? Should it stay in business in the short run? Should it stay in business in the long run?

Reference no: EM13183701

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