a firm in a purely competitive industry is currently producing 1,000 units per day at a total cost of $700 then average total cost is $ 0.61
The average total cost is calculated as the total cost divided by the number of outputs. The firm's ATC at these three levels of production will be:
1. 1,000 units per day at a total cost of $700.
ATC = Total cost/output
ATC = $700/1000
ATC = $0.58
2. If the firm produced 500 units per day, its total cost would be $450.
ATC = Total cost/output
ATC = $450/500
ATC = $0.45
3. If it produced 700 units per day, its total cost would be $425.
ATC = Total cost/output
ATC = $425/700
ATC = $0.61
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