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)VcMCAFCAVCAC1$100S64$164$64$100.00 $64.00 $164.0021122124850.0056.00 106.0031001442443233.3348.001001601625.0040.0065.0051001922923220.0058.4061003404816.6740.0056.67710030440414.2943.4357.7181003844848048.0060.5091004805809611.1153.3364.441010059211210.0059.20

The table is completed below , where , FC: Fixed Cost VC : Variable Cost C: Total Cost MC :…

Output (q) VC MC AFC AVC AC 1 $100 $64 $164 $64 $100.00 $64.00 $164.00 2 112 212 48 50.00 56.00 106.00 100 144 244 32 33.33 48.00 100 160 16 25.00 40.00 65.00 100 192 292 32 20.00 58.40 6 100 340 48 16.67 40.00 56.67 7 100 304 404 14.29 43.43 57.71 8 100 384 484 80 48.00 60.50 100 480 580 96 11.11 53.33 64.44 10 100 592 112 10.00 59.20 4)

Output (q) VC MC AFC AVC AC 1 $100 $64 $164 $64 $100.00 $64.00 $164.00 2 112 212 48 50.00 56.00 106.00 100 144 244 32 33.33 48.00 100 160 16 25.00 40.00 65.00 100 192 292 32 20.00 58.40 6 100 340 48 16.67 40.00 56.67 7 100 304 404 14.29 43.43 57.71 8 100 384 484 80 48.00 60.50 100 480 580 96 11.11 53.33 64.44 10 100 592 112 10.00 59.20 4)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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