Given the cost information below, answer the following questions. Output Total Cost $10.00 1 19.76 2 29.06 3 37.90 4 46.31 5 54.30 Instructions: Enter your answers rounded to two decimal places. a. When output is 1, total variable cost is $ b. When output is 2, average fixed cost is $ c. When output is 3, average variable cost is $
Given the cost information below, answer the following questions. Output Total Cost $10.00 1 19.76 2 29.06 3 37.90 4 46.31 5 54.30 Instructions: Enter your answers rounded to two decimal places. a. When output is 1, total variable cost is $ b. When output is 2, average fixed cost is $ c. When output is 3, average variable cost is $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Given the cost information below, answer the following questions.
Output
Total Cost
$10.00
1
19.76
2
29.06
3
37.90
4
46.31
5
54.30
Instructions: Enter your answers rounded to two decimal places.
a. When output is 1, total variable cost is $
b. When output is 2, average fixed cost is $
c. When output is 3, average variable cost is $
d. When output is 4, average total cost is $
e. When output is 5, marginal cost is $
Transcribed Image Text:Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially.
Instructions: Enter your answers as a whole number. If you are entering any numbers in thousands, such as "1000," do not use a
comma separator in your answer.
Average
Product
Marginal
Product
Labor
Total Output
10
1,000
100
100
20
4,000
300
30
300
500
40
16,000
400
50
500
900
60
36,000
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