ECON 2030 Lecture : June 20 Notes
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2. Complete the following cost table:
Q |
FC |
VC |
TC |
MC |
AFC |
AVC |
ATC |
0 |
- |
- |
- |
- |
|||
1 |
10 |
||||||
2 |
18 |
5 |
|||||
3 |
23 |
||||||
4 |
6.5 |
where FC is fixed cost, VC is variable cost, TC is total cost, MC is marginal cost, AFC is average fixed cost, AVC is average variable cost, and ATC is average total cost.
Based on your knowledge of the definition of the various measures of short-run cost, complete this table:
Q |
TC |
FC |
VC |
ATC |
AFC |
AVC |
MC |
0 |
100 |
x |
x |
x |
x |
||
1 |
275 |
||||||
2 |
265 |
||||||
3 |
160 |
||||||
4 |
85 |
||||||
5 |
525 |
||||||
6 |
120 |
||||||
7 |
95 |
||||||
8 |
770 |
||||||
9 |
95 |
||||||
10 |
125 |
A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed cost, variable cost, total cost, average fixed cost, the average variable cost, and marginal cost at all relevant levels of output.
Instruction: Round your answers for Average Fixed Cost (AFC) and Average Variable Cost (AVC) to 2 decimal places.
Q |
FC |
VC |
TC |
AFC |
AVC |
ATC |
MC |
0 |
$15,000 |
- |
- |
- |
- |
||
100 |
300 |
||||||
200 |
200 |
||||||
300 |
175 |
||||||
400 |
225 |
||||||
500 |
325 |
||||||
600 |
400 |