A firm have fixed cost of 70$ and a variable cost as indicated in the table.complete the table after applying tge required formula and draw graph AFC, AVC, ATC, and MC TotalProductTotalTotalTotalAverageFixed CostAverageVarlable CostAverageMarginalCostFixed CostVarlable CostCostTotał Cost$.$ 0$.$.145853120150518562257270832539010465

We have given a table in which variable cost (TVC) is mentioned and the total fixed cost is 70 We…

Answered: A firm have fixed cost of 70$ and a…

A firm have fixed cost of 70$ and a variable cost as indicated in the table. complete the table after applying tge required formula and draw graph AFC, AVC, ATC, and M

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter20: The Problem Of Adverse Selection Moral Hazard

Section: Chapter Questions

Problem 2MC

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Question

A firm have fixed cost of 70$ and a variable cost as indicated in the table.

complete the table after applying tge required formula and draw graph AFC, AVC, ATC, and MC

Total
Product
Total
Total
Total
Average
Fixed Cost
Average
Varlable Cost
Average
Marginal
Cost
Fixed Cost
Varlable Cost
Cost
Totał Cost
$.
$ 0
$.
$.
1
45
85
3
120
150
5
185
6
225
7
270
8
325
390
10
465

Definition Definition Measure of the cost of production per unit of output, including only variable costs such as wages, materials, and utilities. AVC is calculated by dividing total variable cost by the number of units produced. Understanding average variable cost is important for businesses to make decisions on pricing, production levels, and profitability.

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