Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 2 3 4 5 6 7 8 9 10 F $100 100 100 100 100 100 100 100 100 с VC с MC AFC AVC AC $32 $132 $32 56 156 24 $100.00 $32.00 $132.00 50.00 28.00 78.00 72 172 16 33.33 24.00 80 8 196 16 25.00 20.00 45.00 20.00 96 39.20 220 24 16.67 20.00 36.67 14.29 21.71 36.00 24.00 36.50 26.67 37.78 29.60 ■ 152 252 192 292 240 340 296 40 48 56 11.11 10.00
Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 2 3 4 5 6 7 8 9 10 F $100 100 100 100 100 100 100 100 100 с VC с MC AFC AVC AC $32 $132 $32 56 156 24 $100.00 $32.00 $132.00 50.00 28.00 78.00 72 172 16 33.33 24.00 80 8 196 16 25.00 20.00 45.00 20.00 96 39.20 220 24 16.67 20.00 36.67 14.29 21.71 36.00 24.00 36.50 26.67 37.78 29.60 ■ 152 252 192 292 240 340 296 40 48 56 11.11 10.00
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC,
the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.)
Output (q)
12
3
4
5
6
7
8
9
10
F
$100
100
100
100
100
100
100
100
100
VC
$32
56
72
80
96
C MC
$132 $32
156 24
172 16
8
16
24
196
220
152
252
192
292
240 340
296
40
48
56
AFC AVC AC
$100.00 $32.00 $132.00
50.00 28.00 78.00
33.33 24.00
25.00 20.00 45.00
20.00
39.20
16.67
36.67
14.29
36.00
36.50
37.78
20.00
21.71
24.00
11.11
26.67
10.00 29.60
Expert Solution
Step 1
TC is consisting of fixed cost and variable cost. Fixed costs are those costs which a company has to incur irrespective of any business activity like the cost of electricity, machine, and equipment. These are those costs which a firm has to incur whether it is producing anything or not.
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