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
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 |
Related textbook solutions
Related questions
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
Complete the following table.
|
Units of output (Q) |
Total Cost (TC) |
Total Fixed Cost (TFC) |
Total Variable Cost (TVC) |
Average Variable Cost (AVC) |
Average Total Cost (ATC) |
Marginal Cost (MC) |
|
0 |
$100 |
$100 |
$0 |
NA |
NA |
NA |
|
1 |
$130 |
$100 |
||||
|
2 |
$150 |
$100 |
||||
|
3 |
$160 |
$100 |
||||
|
4 |
$172 |
$100 |
||||
|
5 |
$185 |
$100 |
||||
|
6 |
$210 |
$100 |
||||
|
7 |
$240 |
$100 |
||||
|
8 |
$280 |
$100 |
||||
|
9 |
$330 |
$100 |
||||
|
10 |
$390 |
$100 |
