Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote. The table below shows the monthly cost of producing vintage model cars for collectors for quantities 0, 100, 200, and 500.Complete the table by filling in the average fixed cost, average variable cost, and average total cost.Instructions: Round your answers to 2 decimal places.Vintage Model Car Production CostsOutput100200500Total Fixed Cost Total Variable Cost(dollars)(dollars)$1,5001,5001,5001,500$05001,0004,050Total Cost(dollars)$1,5002,0002,5005,550Average FixedCost (dollars)Average VariableCost (dollars)Average TotalCost (dollars)

The Average fixed cost(AFC) is the per unit fixed cost of production.AFC = TFC /QAverage variable…

Answered: Complete the table by filling in the…

Business

Economics

Complete the table by filling in the average fixed cost, average variable cost, and average total cost.

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

Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote.

The table below shows the monthly cost of producing vintage model cars for collectors for quantities 0, 100, 200, and 500.
Complete the table by filling in the average fixed cost, average variable cost, and average total cost.
Instructions: Round your answers to 2 decimal places.
Vintage Model Car Production Costs
Output
100
200
500
Total Fixed Cost Total Variable Cost
(dollars)
(dollars)
$1,500
1,500
1,500
1,500
$0
500
1,000
4,050
Total Cost
(dollars)
$1,500
2,000
2,500
5,550
Average Fixed
Cost (dollars)
Average Variable
Cost (dollars)
Average Total
Cost (dollars)

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