---**Question: What is the Marginal Cost of the first unit?***Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.*- a) 20- b) 30- c) 50- d) 60--- The table displayed on the image is structured to illustrate a set of economic cost concepts and their respective values for varying quantities (Q) of output. The columns in the table represent different cost measures used in production:- **Q (Quantity):** Represents the quantity of goods or services produced.- **FC (Fixed Cost):** These costs do not change with the level of output produced.- **VC (Variable Cost):** These costs vary with the level of output.- **TC (Total Cost):** The sum of fixed and variable costs at each level of output.- **MC (Marginal Cost):** The cost of producing one additional unit of output.- **AFC (Average Fixed Cost):** The fixed cost per unit of output.- **AVC (Average Variable Cost):** The variable cost per unit of output.- **ATC (Average Total Cost):** The total cost per unit of output.The specific entries in the table are:1. For a quantity of 1: - TC = 1602. For a quantity of 2: - MC = 10 - AFC = 65 - AVC = 20 - ATC = 55The table contains some empty cells, which suggests that not all cost data has been provided for every quantity. This table could be used in exercises to calculate the missing values using the relationships between different costs, such as:- TC = FC + VC- ATC = AFC + AVC- MC = Change in TC when one more unit is producedThis structure is useful for understanding how costs change with the level of production in an educational context, particularly in economics or business studies.

Marginal Cost: The marginal cost is the change in overall cost that occurs when the amount produced…

Answered: FC VC TC MC AFC AVC ATC 160 65 3 10 20…

Business

Economics

FC VC TC MC AFC AVC ATC 160 65 3 10 20 55 4 28

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

The table displayed on the image is structured to illustrate a set of economic cost concepts and their respective values for varying quantities (Q) of output. The columns in the table represent different cost measures used in production:

- **Q (Quantity):** Represents the quantity of goods or services produced.
- **FC (Fixed Cost):** These costs do not change with the level of output produced.
- **VC (Variable Cost):** These costs vary with the level of output.
- **TC (Total Cost):** The sum of fixed and variable costs at each level of output.
- **MC (Marginal Cost):** The cost of producing one additional unit of output.
- **AFC (Average Fixed Cost):** The fixed cost per unit of output.
- **AVC (Average Variable Cost):** The variable cost per unit of output.
- **ATC (Average Total Cost):** The total cost per unit of output.

The specific entries in the table are:

1. For a quantity of 1:
- TC = 160

2. For a quantity of 2:
- MC = 10
- AFC = 65
- AVC = 20
- ATC = 55

The table contains some empty cells, which suggests that not all cost data has been provided for every quantity. This table could be used in exercises to calculate the missing values using the relationships between different costs, such as:

- TC = FC + VC
- ATC = AFC + AVC
- MC = Change in TC when one more unit is produced

This structure is useful for understanding how costs change with the level of production in an educational context, particularly in economics or business studies.

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