Calculate total costs at 4 units of output. Do not put a dollar sign in your answer. (The 6 columns are Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Average Total Cost, and Marginal Cost. The Quantity and Total Variable Cost columns have been filled in along with the first row for Total Fixed Cost. Average Total Costs and Marginal Costs are not calculated at a quantity of 0.) Quantity Total Fixed Cost Total Variable Cost Total Cost Average Total Cost Marginal Cost 0 15 0 XXXXX XXXXX 1 25 2 40 3 50 4 55 5 65 Calculate average total costs at 2 units of output. Calculate average total cost at 5 units of output. Calculate marginal cost at 4 units of output (moving from 3 units to 4 units).
Calculate total costs at 4 units of output. Do not put a dollar sign in your answer. (The 6 columns are Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Average Total Cost, and Marginal Cost. The Quantity and Total Variable Cost columns have been filled in along with the first row for Total Fixed Cost. Average Total Costs and Marginal Costs are not calculated at a quantity of 0.) Quantity Total Fixed Cost Total Variable Cost Total Cost Average Total Cost Marginal Cost 0 15 0 XXXXX XXXXX 1 25 2 40 3 50 4 55 5 65 Calculate average total costs at 2 units of output. Calculate average total cost at 5 units of output. Calculate marginal cost at 4 units of output (moving from 3 units to 4 units).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Calculate total costs at 4 units of output. Do not put a dollar sign in your answer. (The 6 columns are Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Average Total Cost, and Marginal Cost. The Quantity and Total Variable Cost columns have been filled in along with the first row for Total Fixed Cost.
Quantity | Total Fixed Cost | Total Variable Cost | Total Cost | Average Total Cost | Marginal Cost |
0 | 15 | 0 | XXXXX | XXXXX | |
1 | 25 | ||||
2 | 40 | ||||
3 | 50 | ||||
4 | 55 | ||||
5 | 65 |
Calculate average total costs at 2 units of output.
Calculate average total cost at 5 units of output.
Calculate marginal cost at 4 units of output (moving from 3 units to 4 units).
Can you tell if this is the short run or long run?
Can you tell at which level of output profits will be maximized?
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