Scenario 14-4The information below applies to a competitive firm that sells its output for $40 per unit.• When the firm produces and sells 150 units of output, its average total cost is $24.50.• When the firm produces and sells 151 units of output, its average total cost is $24.55.Refer to Scenario 14-4. When the firm produces 150 units of output, its total cost is:
a. $3,450.00.
b. $3,525.75.
c. $3,675.00.
d. $3,850.25.

$3675

Explanation:

A competitive firm may be referred to as a firm which have no influence on the sales prices of their product usually due to the vast amount of sellers or firms producing and selling homogeneous product.

$40 per unit

When firm produces 150 units ;

Average total cost = $24.50

When firm produces 151 units ;

Average total cost = $24.55

Total cost when 150 units of product is produced :

The average total cost represents the cost incurred in the production of one unit of a company's product. Usually obtained by dividing the total cost bybthe number of units produced. Also called the cost per unit.

Total cost price = unit produced × average total cost

Total cost price = 150 × $24.50

Total cost price = $3675.00

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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