Question

Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) F $250 VC C $80 $330 140 390 180 430 200 240 490 250 250 250 Ə00 voo AW N- MC AFC AVC AC $80 $250.00 $80.00 $330.00 60 125.00 70.00 195.00 40 83.33 60.000 62.50 50.00 112.50 40 50.000 98.00 41.67 50.00 91.67 35.71 54.29 90.00 1000 60.00 91.25 120 27.78 66.67 94.44 140 25.00 74.00 D 250 550 250 380 630 250 480 730 850 250 250 600 740

Answer 1

When Q = 2, FC = 250

When Q = 3, AC = 430 / 3 = 143.33

When Q = 4, C = 250 +200 = 450

When Q = 5, AVC = 240/5 = 48

When Q = 6, VC = 550 - 250 = 300

When Q = 7, MC = 630 - 550 = 80

When Q = 8, AFC = 250 / 8 = 31.25

When Q = 10, C = 740 + 250 = 990

When Q = 10, AC = 990 / 10 = 99