Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table. Total product O 1 23456 7 8 Total variable cost $0 110 150 180 220 270 340 440 580 Total cost AFC AVC ATC MC $80 190 230 260 300 350 420 520 660 $ $ LA LA $ $

Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table. Total product O 1 23456 7 8 Total variable cost $0 110 150 180 220 270 340 440 580 Total cost AFC AVC ATC MC $80 190 230 260 300 350 420 520 660 $ $ LA LA $ $

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

Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete
the cost table.
Total product
O
1
23456
7
8
Total variable cost
$0
110
150
180
220
270
340
440
580
Total cost AFC AVC ATC MC
$80
190
230
260
300
350
420
520
660
$ $
LA
LA
$
$

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