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 $250 250 250 250 250 250 250 250 250 250 C AFC MC AVC AC $314 $64 $250.00 $64.00 $314.00 362 48 125.00 56.00 181.00 394 32 83.33 48.00 16 62.50 40.00 410 442 32 50.00 □ 490 48 41.67 40.00 240 304 554 M 35.71 384 634 80 730 480 96 592 842 112 VC $64 112 144 160 192 0 102.50 88.40 81.67 79.14 43.43 48.00 53.33 27 78 59.20 25.00 79 25 81.11 HH 4

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 $250 250 250 250 250 250 250 250 250 250 C AFC MC AVC AC $314 $64 $250.00 $64.00 $314.00 362 48 125.00 56.00 181.00 394 32 83.33 48.00 16 62.50 40.00 410 442 32 50.00 □ 490 48 41.67 40.00 240 304 554 M 35.71 384 634 80 730 480 96 592 842 112 VC $64 112 144 160 192 0 102.50 88.40 81.67 79.14 43.43 48.00 53.33 27 78 59.20 25.00 79 25 81.11 HH 4

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 following cost table. (Enter numeric responses rounded to two decimal places) \table[[
Output (q), F, VC, C, MC, AFC, AVC,AC], [1, $250, $64, S314, S64, $250.00, S64.00, $314.00

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
$250
250
250
250
250
250
250
250
250
250
MC
VC C
$64 $314 $64
362
112
48
144 394 32
160
410
442
16
32
192
490 48
240
304
554
384 634
480
730
592
842
80
96
112
AFC AVC AC
$250.00 $64.00 $314.00
56.00 181.00
125.00
83.33 48.00
40.00
62.50
50.00
41.67
35.71
27.78
25.00
40.00
43.43
48.00
53.33
59.20
102.50
88.40
81.67
79.14
79.25
81.11

Definition Definition Measure of the cost of production per unit of output, including only variable costs such as wages, materials, and utilities. AVC is calculated by dividing total variable cost by the number of units produced. Understanding average variable cost is important for businesses to make decisions on pricing, production levels, and profitability.

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