Refer to the table below, which presents costs associated with a small business selling cookies. Quantity Total cost ($) O cookies 7 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies 10.50 13.50 16 18 20 Calculate the average variable cost of producing 3 cookies. Do not express your answer in units (i.e., if your answer is "$600", type "600"). If necessary, round your answer to one decimal place. 5.3

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 41P: Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72...
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Q
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Refer to the table below, which presents costs associated with a small business selling cookies.
Total cost ($)
7
Quantity
O cookies
1 cookie
2 cookies
3 cookies
4 cookies
5 cookies
:8:
5.3
Calculate the average variable cost of producing 3 cookies. Do not express your answer in units (i.e., if your answer is "$600", type "600"). If necessary, round your answer to one
decimal place.
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Transcribed Image Text:urses H 880 alendar 24 Inbox History ? Help SC K- 7 Q A Refer to the table below, which presents costs associated with a small business selling cookies. Total cost ($) 7 Quantity O cookies 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies :8: 5.3 Calculate the average variable cost of producing 3 cookies. Do not express your answer in units (i.e., if your answer is "$600", type "600"). If necessary, round your answer to one decimal place. 2 W S F2 # 3 80 F3 20 E JAN 5 D $ 4 888 R F F4 % 5 T F5 6 me F6 MacBook Air Y H & N 8⁰ 10.50 13.50 16 18 20 7 F7 U tv NAⓇ * 8 J ► 11 FO ( 9 D 1 K F9 O ) O W F10 L P Aa zoom + { 1 Submit F12 M htm deles
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