Fill in for each letter in the given Table: The table provided illustrates the relationship between labor hours, output quantity, costs, and marginal figures in a production setting. Here's a detailed transcription and explanation of each column:| Labor (hours) | Quantity | Fixed Cost ($) | Variable Cost ($) | Total Cost ($) | Marginal Cost ($) | Average Cost ($) | AVC* ($) ||---------------|----------|----------------|-------------------|----------------|-------------------|------------------|----------|| 0 | 0 | 10,000 | 0 | 10,000 | – | – | – || 40 | 18 | 10,000 | 5,000 | 15,000 | C | F | 277.78 || 50 | 45 | 10,000 | 10,000 | B | 185.19 | 444.44 | 222.22 || 60 | 65 | 10,000 | 15,000 | 25,000 | 250.00 | 384.62 | 230.77 || 70 | 78 | 10,000 | A | 30,000 | D | G | 256.41 || 80 | 88 | 10,000 | 25,000 | 35,000 | 500.00 | 397.73 | 284.09 || 90 | 94 | 10,000 | 30,000 | 40,000 | E | 425.53 | H |### Table Explanation:- **Labor (hours):** The number of hours of labor utilized.- **Quantity:** The number of units produced.- **Fixed Cost ($):** Costs that do not change with the level of output, here a constant $10,000.- **Variable Cost ($):** Costs that change with the level of output.- **Total Cost ($):** The sum of fixed and variable costs.- **Marginal Cost ($):** The cost of producing one additional unit of output.- **Average Cost ($):** Total cost divided by the number of units produced.- **AVC* ($):

Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Consider the table. Labor (hours) 0 40 50 60 70 80 90 Quantity 0 18 45 65 78 88 94 Fixed Cost ($) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Variable Cost ($) Total Cost ($) Marginal Cost ($) Average Cost ($) AVC* ($) 0 5,000 10,000 15,000 A 25,000 30,000 10,000 15,000 B 25,000 30,000 35,000 40,000 C 185.19 250.00 D 500.00 E F 444.44 384.62 G 397.73 425.53 277.78 222.22 230.77 256.41 284.09 H

Consider the table. Labor (hours) 0 40 50 60 70 80 90 Quantity 0 18 45 65 78 88 94 Fixed Cost ($) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Variable Cost ($) Total Cost ($) Marginal Cost ($) Average Cost ($) AVC* ($) 0 5,000 10,000 15,000 A 25,000 30,000 10,000 15,000 B 25,000 30,000 35,000 40,000 C 185.19 250.00 D 500.00 E F 444.44 384.62 G 397.73 425.53 277.78 222.22 230.77 256.41 284.09 H

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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