**Task 4: Completing the Table**The table below presents data on labor, total product, and various cost measures. Several entries are missing and need to be calculated.| Labor | Total Product | TVC | TC | AFC | AVC | ATC | MC ||-------|---------------|------|------|------|------|------|-----|| 1 | 15 | 200 | 1000 | 53.3 | 13.3 | | || 2 | 40 | | 1400 | | 10.0 | | || 3 | 55 | 800 | 1600 | 12.3 | 12.3 | | || 4 | | | | | | | || 5 | 70 | 1000 | | | 14.3 | | |**Explanation of Terms and Calculations:**- **TVC (Total Variable Cost):** The cost that varies with the level of output. It is the total of all variable costs. - **TC (Total Cost):** The sum of total fixed costs (TFC) and total variable costs (TVC). TC = TFC + TVC.- **AFC (Average Fixed Cost):** The total fixed cost divided by the total product. AFC = TFC / Total Product.- **AVC (Average Variable Cost):** The total variable cost divided by the total product. AVC = TVC / Total Product.- **ATC (Average Total Cost):** The sum of average fixed cost and average variable cost. ATC = AFC + AVC.- **MC (Marginal Cost):** The change in total cost that arises when the quantity produced changes by one unit. MC = ΔTC / ΔTotal Product.To complete this task, use the given data to calculate missing values using the formulas above.

Here, ATC = average total cost AFC = average fixed cost AVC = average variable cost TC = total…

Answered: 4. Complete the missing entries in the…

4. Complete the missing entries in the following table. Labor 1 2 3 4 5 Total Product 15 40 55 70 TVC 200 800 1000 TC 1000 1400 1600 AFC 53.3 12.3 AVC 13.3 10.0 10.9 12.3 14.3 ATC MC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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