I dont understand this, Microeconomics

Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy and the grain he feeds to his dairy cows.

What is the AVC?
What is the break-even price?
Posted Date: 7/24/2012 3:34:18 PM | Location : United States

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