ECON1131 Lecture Notes - Lecture 55: Diminishing Returns, Marginal Cost, Average Variable Cost
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5 Dec 2017
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a. Construct the cost schedule using the data below for a firm operating in the short run.
b. Graph the average variable cost, average total cost, and marginal cost curves.
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 | Ā | Ā | $50 | Ā | Ā | Ā | Ā |
1 | Ā | Ā | $70 | Ā | Ā | Ā | Ā |
2 | Ā | Ā | $85 | Ā | Ā | Ā | Ā |
3 | Ā | Ā | $95 | Ā | Ā | Ā | Ā |
4 | Ā | Ā | $100 | Ā | Ā | Ā | Ā |
5 | Ā | Ā | $110 | Ā | Ā | Ā | Ā |
6 | Ā | Ā | $130 | Ā | Ā | Ā | Ā |
7 | Ā | Ā | $165 | Ā | Ā | Ā | Ā |
8 | Ā | Ā | $215 | Ā | Ā | Ā | Ā |
9 | Ā | Ā | $275 | Ā | Ā | Ā | Ā |
Ā
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 | Ā | Ā | Ā | Ā |
1 | Ā | Ā | 70 | Ā | Ā | Ā | Ā |
2 | Ā | Ā | 85 | Ā | Ā | Ā | Ā |
3 | Ā | Ā | 95 | Ā | Ā | Ā | Ā |
4 | Ā | Ā | 100 | Ā | Ā | Ā | Ā |
5 | Ā | Ā | 110 | Ā | Ā | Ā | Ā |
6 | Ā | Ā | 130 | Ā | Ā | Ā | Ā |
7 | Ā | Ā | 165 | Ā | Ā | Ā | Ā |
8 | Ā | Ā | 215 | Ā | Ā | Ā | Ā |
9 | Ā | Ā | 275 | Ā | Ā | Ā | Ā |
Construct the cost schedule using the 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 | Ā | Ā | $50 | Ā | Ā | Ā | Ā |
1 | Ā | Ā | $70 | Ā | Ā | Ā | Ā |
2 | Ā | Ā | $85 | Ā | Ā | Ā | Ā |
3 | Ā | Ā | $95 | Ā | Ā | Ā | Ā |
4 | Ā | Ā | $100 | Ā | Ā | Ā | Ā |
5 | Ā | Ā | $110 | Ā | Ā | Ā | Ā |
6 | Ā | Ā | $130 | Ā | Ā | Ā | Ā |
7 | Ā | Ā | $165 | Ā | Ā | Ā | Ā |
8 | Ā | Ā | $215 | Ā | Ā | Ā | Ā |
9 | Ā | Ā | $275 | Ā | Ā | Ā | Ā |
Ā