**Instructions:**Fill in the table below. Assume that the firm uses 5 machines that have a price of $200 each per period.| Output | TFC | TVC | TC | AFC | AVC | ATC | MC ||--------|-----|------|-----|-----|-----|-----|----|| 0 | | 0 | | | | | || 1 | | 600 | | | | | || 2 | | 1000 | | | | | || 3 | | 2000 | | | | | || 4 | | 3500 | | | | | || 5 | | 5500 | | | | | |**Explanation:**- **Output**: The quantity of goods or services produced.- **TFC** (Total Fixed Cost): The cost that does not change with the level of output. It is calculated using the number of machines (5) and the cost per machine per period ($200), resulting in $1000 (5 machines x $200 each).- **TVC** (Total Variable Cost): The cost that changes with the level of output. Values given are for each level of output.- **TC** (Total Cost): The sum of Total Fixed Cost (TFC) and Total Variable Cost (TVC).- **AFC** (Average Fixed Cost): The Total Fixed Cost divided by the quantity of output.- **AVC** (Average Variable Cost): The Total Variable Cost divided by the quantity of output.- **ATC** (Average Total Cost): The Total Cost divided by the quantity of output.- **MC** (Marginal Cost): The increase in Total Cost resulting from an additional unit of output.You will need to calculate TC, AFC, AVC, ATC, and MC based on the given TVC data and the implied constant TFC value.

Answered: 4. Fill in the table below. Assume that…

4. Fill in the table below. Assume that the firm uses 5 machines that have a price of $200 each per period. Output TFC TVC TC AFC AVC АТС MC 1 600 2 1000 2000 4 3500 5 5500 3.

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

**Instructions:**

Fill in the table below. Assume that the firm uses 5 machines that have a price of $200 each per period.

| Output | TFC | TVC | TC | AFC | AVC | ATC | MC |
|--------|-----|------|-----|-----|-----|-----|----|
| 0 | | 0 | | | | | |
| 1 | | 600 | | | | | |
| 2 | | 1000 | | | | | |
| 3 | | 2000 | | | | | |
| 4 | | 3500 | | | | | |
| 5 | | 5500 | | | | | |

**Explanation:**

- **Output**: The quantity of goods or services produced.

- **TFC** (Total Fixed Cost): The cost that does not change with the level of output. It is calculated using the number of machines (5) and the cost per machine per period ($200), resulting in $1000 (5 machines x $200 each).

- **TVC** (Total Variable Cost): The cost that changes with the level of output. Values given are for each level of output.

- **TC** (Total Cost): The sum of Total Fixed Cost (TFC) and Total Variable Cost (TVC).

- **AFC** (Average Fixed Cost): The Total Fixed Cost divided by the quantity of output.

- **AVC** (Average Variable Cost): The Total Variable Cost divided by the quantity of output.

- **ATC** (Average Total Cost): The Total Cost divided by the quantity of output.

- **MC** (Marginal Cost): The increase in Total Cost resulting from an additional unit of output.

You will need to calculate TC, AFC, AVC, ATC, and MC based on the given TVC data and the implied constant TFC value.

Expert Solution

Step 1

Total fixed costs (TFC) are the total obligations of the firm per time period for all fixed inputs. Total variable costs (TVC) are the total obligations for all variable inputs of the firm.

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