ECO100Y1 Lecture Notes - Lecture 7: Marginal Cost
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Use the following information to determine the total fixed costs, total variable costs, average fixed costs, average variable costs, average total cost, and marginal costs.
Total Output | Costs | TFC | TVC | AFC | AVC | ATC | MC |
---|---|---|---|---|---|---|---|
0 | $100 | ||||||
1 | $150 | ||||||
2 | $225 | ||||||
3 | $230 | ||||||
4 | $300 | ||||||
5 | $400 |
Use the following information to determine the total fixed costs (TFC), total variable costs (TVC), average fixed costs (AFC), average variable costs (AVC), average total cost (ATC), and marginal costs (MC).
Total Output | Costs (in $) |
0 | 100 |
1 | 150 |
2 | 225 |
3 | 230 |
4 | 300 |
5 | 400 |
Construct the total cost schedule using data below for a firm operating in the short-run.
Total Output (Q) | Total fixed cost (TFC) | Total variable cost (TVC) | Total cost (TC) | Marginal Cost (MC) | Average fixed cost (AFC) | Average variable cost (AVC) | Average total cost (ATC) |
0 | 50 | 0 | 50 | ||||
1 | 70 | ||||||
2 | 85 | ||||||
3 | 95 | ||||||
4 | 100 | ||||||
5 | 110 | ||||||
6 | 130 | ||||||
7 | 165 | ||||||
8 | 215 | ||||||
9 | 275 |