Complete the following table Q TFC TVC TC AFC AVC ATC MC 0 800 ------ -----...

Question

Question

Complete the following table

Answer 1

Answer #1

0 1 2 - 3 - 4 - 5 & TFC 800 800 800 800 800 800 TVC 0 40 70 88 102 118 TC AFC AVC ATC 800 - - - 840 800 40 840 870 400 35 435 Formula Used

1. Total Fixed Cost remains constant at all output levels.

2. Total Cost = TFC + TVC

3. Total Variable Cost = TC - TFC

4. AFC = TFC / Quantity

5. AVC = TVC / Quantity

6. AC = TC / Quantity

7. MC = Change in Total Cost/ Change in Quantity

Answer 2

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