CRIM 315 Lecture 2: Week-7 Process, Values and Relationships
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13 Oct 2018
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Short-Run Cost Puzzle
Total Product | Total Fixed Cost | Total Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal Cost |
0 | ? | 0 | ? | ||||
40 | |||||||
1 | |||||||
2 | 115 | 20 | |||||
30 | |||||||
3 | 35 | 48.33 | |||||
25 | |||||||
4 | 32.50 | ||||||
5 | 8 | 33 | |||||
6 | 255 | 42.50 |
Use the definitions for TFC, TVC, TC, AFC, AVC, ATC and SMC along with the data provided above to fill in the missing values. Use space below for worksheet.
? means infinitely large. Applicable relationships are:
SAC = AFC + AVC
? ? ?
STC TFC TVC
??? = ??? + ???
Q Q Q
DTVC DTC
SMC = ???? = ???
DQ DQ