Points on
Graph
Quantity
of Labor
(workers), L
Quantity
of Wheat
(bushels), Q
Variable
Cost,
VC
Fixed
Cost,
FC
Total Cost,
TC = FC + VC
ABCDEFGH
0
0
$ 0
$400
$ 400
1
19
200
400
600
2
36
400
400
800
3
51
600
400
1,000
4
64
800
400
1,200
5
75
1,000
400
1,400
6
84
1,200
400
1,600
7
91
1,400
400
1,800
I
8
96
1,600
400
2,000
Reference: Ref 12-13
(Figure and Table: Variable, Fixed, and Total Costs) In the figure, when 51 bushels of
wheat are produced, average fixed cost is __________, average variable cost is __________,
and average total cost is __________.
a) $400; $600; $1,000
b) $5.33; $13.33; $18.67
c) $133.33; $200; $333.33
d) $7.84; $11.76; $19.60