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The firm's total variable cost at output $q_1$ is |
The area of rectangle $OpAq_1$ The area of rectangle $OEBq_1$ the area of rectangle $OpAq_1$ - the area of rectangle $OEBq_1$ $\tan θ$ |
The area of rectangle $OEBq_1$ |
The correct answer is Option (2) → The area of rectangle $OEBq_1$ TVC = Average variable cost × Quantity = Vertical height OE × Width $Oq_1$ = The area of rectangle $OEBq_1$ |
