**Instructions:**Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled sequentially. *(Hint: Determine the total fixed cost first.)* **Instructions:** Enter your answers rounded to two decimal places.| **Output** | **Average Fixed Cost** | **Total Variable Cost** | **Average Total Cost** | **Marginal Cost** | **Total Cost** ||------------|------------------------|-------------------------|------------------------|------------------|----------------|| 0 | | | | | || 1 | $5.00 | $9.45 | | $9.45 | $14.45 || 2 | | $17.82 | $11.41 | $8.37 | $22.82 || 3 | $1.67 | | $10.04 | | $30.11 || 4 | $1.25 | $31.35 | $9.09 | $6.24 | $36.35 || 5 | $1.00 | $36.55 | $8.31 | | |**Explanation:**1. **Output:** Represents the quantity of goods or services produced.2. **Average Fixed Cost:** The fixed cost per unit produced (Total Fixed Cost divided by Output).3. **Total Variable Cost:** The total of variable costs associated with production.4. **Average Total Cost:** The total cost per unit, calculated as (Total Cost divided by Output).5. **Marginal Cost:** The additional cost of producing one more unit.6. **Total Cost:** The sum of Total Fixed Cost and Total Variable Cost.To solve the puzzle, calculate the values by using the relationships between these economic variables. Start by identifying any given fixed or variable costs and use them to complete the table.

Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. (Hint: Determine the total fixed cost first.) Instructions: Enter your answers rounded to two decimal places. Output 0 1 2 3 4 5 Average Fixed Cost $5.00 $1.67 $1.25 $1.00 Total Variable Cost $9.45 $17.82 $31.35 $36.55 Average Total Cost $11.41 $10.04 $9.09 $8.31 Marginal Cost $9.45 $8.37 $6.24 Total Cost $14.45 $22.82 $30.11 $36.35

Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. (Hint: Determine the total fixed cost first.) Instructions: Enter your answers rounded to two decimal places. Output 0 1 2 3 4 5 Average Fixed Cost $5.00 $1.67 $1.25 $1.00 Total Variable Cost $9.45 $17.82 $31.35 $36.55 Average Total Cost $11.41 $10.04 $9.09 $8.31 Marginal Cost $9.45 $8.37 $6.24 Total Cost $14.45 $22.82 $30.11 $36.35

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

**Instructions:**
Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled sequentially. *(Hint: Determine the total fixed cost first.)*
**Instructions:** Enter your answers rounded to two decimal places.

| **Output** | **Average Fixed Cost** | **Total Variable Cost** | **Average Total Cost** | **Marginal Cost** | **Total Cost** |
|------------|------------------------|-------------------------|------------------------|------------------|----------------|
| 0 | | | | | |
| 1 | $5.00 | $9.45 | | $9.45 | $14.45 |
| 2 | | $17.82 | $11.41 | $8.37 | $22.82 |
| 3 | $1.67 | | $10.04 | | $30.11 |
| 4 | $1.25 | $31.35 | $9.09 | $6.24 | $36.35 |
| 5 | $1.00 | $36.55 | $8.31 | | |

**Explanation:**

1. **Output:** Represents the quantity of goods or services produced.
2. **Average Fixed Cost:** The fixed cost per unit produced (Total Fixed Cost divided by Output).
3. **Total Variable Cost:** The total of variable costs associated with production.
4. **Average Total Cost:** The total cost per unit, calculated as (Total Cost divided by Output).
5. **Marginal Cost:** The additional cost of producing one more unit.
6. **Total Cost:** The sum of Total Fixed Cost and Total Variable Cost.

To solve the puzzle, calculate the values by using the relationships between these economic variables. Start by identifying any given fixed or variable costs and use them to complete the table.

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