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
$50
1
$70
2
$85
3
$95
4
$100
5
$110
6
$130
7
$165
8
$215
9
$275
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 | $50 | ||||||
| 1 | $70 | ||||||
| 2 | $85 | ||||||
| 3 | $95 | ||||||
| 4 | $100 | ||||||
| 5 | $110 | ||||||
| 6 | $130 | ||||||
| 7 | $165 | ||||||
| 8 | $215 | ||||||
| 9 | $275 |
Related textbook solutions
Related questions
Construct the cost schedule using the data below for a firm operating in the short run. Graph the average variable cost, the average total cost, and marginal cost curves.
| Total Output (Q) | Total fixed cost (TFC) (in $) | Total variable cost (TVC) (in $) | Total cost (TC) (in $) | Marginal cost (MC) (in $) | Average fixed cost (AFC) (in $) | Average variable cost (AVC) (in $) | Average total cost (ATC) (in $) |
| 0 | 50 | 50 | |||||
| 1 | 70 | ||||||
| 2 | 85 | ||||||
| 3 | 95 | ||||||
| 4 | 100 | ||||||
| 5 | 110 | ||||||
| 6 | 130 | ||||||
| 7 | 165 | ||||||
| 8 | 215 | ||||||
| 9 | 275 |
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
