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Average variable cost of production

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Reference no: EM131268522

A firm produces 1,000 units of output at an average variable cost of production of 50 cents. The firms total fixed costs equal $700. The total cost of producing 1,000 units of output equals:

A. $500

B. $800

C. $1,000

D. $1,200

E. $700

Reference no: EM131268522

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