Precision Engineering department has collected data on its average costs of production for the past 12 months. The monthly fixed cost is $4000 per month. The AVC and associated output data are presented below:
| Month |
Q |
AVC $ |
| Jan |
70 |
375 |
| Feb |
58 |
540 |
| Mar |
160 |
450 |
| Apr |
120 |
255 |
| May |
130 |
138 |
| Jun |
120 |
150 |
| Jul |
10 |
450 |
| Aug |
35 |
350 |
| Sep |
80 |
60 |
| Oct |
110 |
70 |
| Nov |
100 |
90 |
| Dec |
190 |
153 |
Show the level of output at which AVC reach its minimum value, and the minimum value of AVC at its minimum.
Additional Information
This question is based on Statistics and explain about calculating the maximum output at maximum AVC and minimum output at minimum AVC.