Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.0Round your answers to two digits after the decimal.MarginalcostQuantity01234$95.00total cost: $Fixedcost$30.00What is the total cost when producing zero units?marginal cost: $ 40Variablecost$68.00What is the marginal cost for the first unit?average total cost: $Total Average fixedcostcost$400.00What is the average total cost when producing three units?Averagevariable cost$40.00Average totalcost What is the average variable cost when producing four units?average variable cost: $

The economic cost is different from the accounting cost. Economics cost involves implicit costs like…

0 Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Marginal cost Quantity 0 1 2 3 4 total cost: $ -- $95.00 Fixed cost $30.00 What is the total cost when producing zero units? marginal cost: $ 40 Variable cost average total cost: $ $68.00 What is the marginal cost for the first unit? Total Average fixed cost cost $400.00 What is the average total cost when producing three units? Average variable cost $40.00 Average total cost ---

0 Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Marginal cost Quantity 0 1 2 3 4 total cost: $ -- $95.00 Fixed cost $30.00 What is the total cost when producing zero units? marginal cost: $ 40 Variable cost average total cost: $ $68.00 What is the marginal cost for the first unit? Total Average fixed cost cost $400.00 What is the average total cost when producing three units? Average variable cost $40.00 Average total cost ---

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.
0
Round your answers to two digits after the decimal.
Marginal
cost
Quantity
0
1
2
3
4
$95.00
total cost: $
Fixed
cost
$30.00
What is the total cost when producing zero units?
marginal cost: $ 40
Variable
cost
$68.00
What is the marginal cost for the first unit?
average total cost: $
Total Average fixed
cost
cost
$400.00
What is the average total cost when producing three units?
Average
variable cost
$40.00
Average total
cost

What is the average variable cost when producing four units?
average variable cost: $

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Step 3: Total cost at zero units:

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Step 4: Marginal cost for unit 1:

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Step 5: Average total cost at three units:

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Step 6: Average variable cost at four units:

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