1 2 3 4 5 7 8 Units Total Total Total Average fixed cost (R) Average variable cost Average product fixed cost variable cost (R) of Total cost Marginal total land (units) (R) (R) TP TFC TVC (R) AFC AVC cost (R) cost TC ATC or AC (R) MC 20 9 000 9 000 20 16 9 000 2 400 11 400 20 44 9 000 4 800 13 800 7 200 9 600 20 78 9 000 16 200 20 113 9 000 18 600 20 145 9 000 12 000 21 000 20 171 9 000 14 400 23 400 20 190 9 000 16 800 25 800 20 200 9 000 19 200 28 200 9 000 9 000 20 200 21 600 30 600 20 187 24 000 33 000

1 2 3 4 5 7 8 Units Total Total Total Average fixed cost (R) Average variable cost Average product fixed cost variable cost (R) of Total cost Marginal total land (units) (R) (R) TP TFC TVC (R) AFC AVC cost (R) cost TC ATC or AC (R) MC 20 9 000 9 000 20 16 9 000 2 400 11 400 20 44 9 000 4 800 13 800 7 200 9 600 20 78 9 000 16 200 20 113 9 000 18 600 20 145 9 000 12 000 21 000 20 171 9 000 14 400 23 400 20 190 9 000 16 800 25 800 20 200 9 000 19 200 28 200 9 000 9 000 20 200 21 600 30 600 20 187 24 000 33 000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Cost of Production

The entire idea of the cost of production or production cost is applied corresponding, or we can say that it is related to monetary cost. Money cost refers to any money expenditure which the firm or supplier, or producer undertakes in purchasing or hiring factor of production or factor services.

Question

Can you please assist to complete the following table

1
2
6.
7
8
9
Units
Total
Total
Total
Average fixed
cost (R)
Average
variable cost
(R)
Average
product fixed cost variable
(units)
of
Total cost
Marginal
total
land
(R)
cost (R)
TP
TFC
TVC
(R)
AFC
AVC
cost (R)
cost
TC
ATC or AC
(R)
MC
20
9 000
9 000
20
16
9 000
2 400
11 400
20
44
9 000
4 800
13 800
20
78
9 000
7 200
16 200
20
113
9 000
9 600
18 600
9 000
9 000
20
145
12 000
21 000
20
171
14 400
23 400
20
190
9 000
16 800
25 800
20
200
9 000
19 200
28 200
20
200
9 000
21 600
30 600
20
187
9 000
24 000
33 000

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