Anchors enterprises is trying to predict the cost associated with producing its anchors. at a production level of 5300 anchors, anchors enterprise average cost per anchor is 57. what is the total cost of producing 5300 anchors

The total cost of producing 5300 anchors is $302,100

Explanation:

Average cost per unnit is calculated by dividing ethe total cost with number of unit produced.

Number of Unit = 5,300 anchors

Average Cost per anchor = $57

Total Cost of Production = Average Cost per anchor x Average Cost per anchor

Total Cost of Production = $57 x 5,300 anchors

Total Cost of Production = $302,100

$302,100

Explanation:

The Total Cost (TC) refers to the actual aggregate cost of producing a given quantity of output. Generally, total cost is the addition of variable cost and fixed cost of production.

In this question, we are given neither the total variable cost nor the fixed cost.

However, we are given the average cost (AC) which is unit cost of production that is be calculated as follows:

AC = TC/Q ……………………………………… (1)

Where,

AC = Average cost = $57

TC = Total cost = ?

Q = Output level of anchors = 5,300

Substituting the values above into equation (1) and solve for TC, we have:

$57 = TC/5,300

TC = $57 × 5,300 = $302,100

Therefore, the total cost of producing 5300 anchors is $302,100.

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