The following table shows some of the short run costs for the American Paper CoFill the blanks in the following table (Hint - Total Fixed Costs remain the same across all levels of output for anyfirm). Tell me the steps that you took to fill in the blanks.Output (Q)1234AVClall9TFC AFC101010101053.332.5ATC15|1618TCLegend :AVC - Average Variable Costs; AFC - Average Fixed Costs; ATC - Average Total Costs;TC - Total Costs; MC - Marginal Costs.Our fixed cost is 10 for all of the four outputsMCXXXXOC

Formulas for solving the given question: TC = TFC+TVC ATC = TC/Q AFC = TFC/Q AVC = TVC/Q MC = TCn-…

Answered: nd: Output (Q) 1 2 3 4 AVC 9 TFC 10 10…

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Economics

nd: Output (Q) 1 2 3 4 AVC 9 TFC 10 10 10 10 AFC 10 5 3.33 2.5 ATC 15 16 18 TC MC XXXX

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 table shows some of the short run costs for the American Paper Co
Fill the blanks in the following table (Hint - Total Fixed Costs remain the same across all levels of output for any
firm). Tell me the steps that you took to fill in the blanks.
Output (Q)
1
2
3
4
AVC
lall
9
TFC AFC
10
10
10
10
10
5
3.33
2.5
ATC
15
|
16
18
TC
Legend :
AVC - Average Variable Costs; AFC - Average Fixed Costs; ATC - Average Total Costs;
TC - Total Costs; MC - Marginal Costs.
Our fixed cost is 10 for all of the four outputs
MC
XXXX
OC

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