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What is a fixed input Calculate the total cost and average total cost based off of...

What is a fixed input Calculate the total cost and average total cost based off of the following amounts:

Variable costs = $15,000
Fixed costs = $8,000
Quantity sold = 125
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Answer #1

A fixed input is a resource or factor of production required in a production process, which cannot be altered in a short period of time or in short run by the firm. eg. buildings, large machineries, land etc.

Total cost = fixed costs + variable costs

               = $8000 + $15,000, = $23000.

Average Total cost = Total cost/quantity sold,

                            =$23,000/125 =$184.

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