Question #52070

how do you get total cost if you are given quantity, price, total revenue and average total cost?

Expert's answer

Average total cost ATC = TC/Q, where TC is total cost and Q is quantity.

If you are given quantity, price, total revenue and average total cost, you will find total cost by multiplying average total cost and quantity: TC = ATC*Q.

If you are given quantity, price, total revenue and average total cost, you will find total cost by multiplying average total cost and quantity: TC = ATC*Q.

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