The table provided represents various cost calculations for a production process. Here is a detailed breakdown of each column and its significance:- **Output (q)**: This column indicates the quantity of output produced.- **F (Fixed Cost)**: The cost that does not change with the level of output. It remains at $100 across all levels of output.- **VC (Variable Cost)**: The cost that changes with the level of output. It increases as the quantity of output grows.- **C (Total Cost)**: This combines both fixed and variable costs (C = F + VC).- **MC (Marginal Cost)**: The cost of producing one additional unit of output. This varies with each increase in output level.- **AFC (Average Fixed Cost)**: The fixed cost per unit of output (AFC = F/q).- **AVC (Average Variable Cost)**: The variable cost per unit of output (AVC = VC/q).- **AC (Average Cost)**: The total cost per unit of output (AC = C/q).The table includes a column for each of these costs, which need to be filled out based on the given formulas and additional data provided:1. **For Output = 2:** C is $212, MC is $48, AFC is $50.00, AVC is $56.00, and AC is $106.00.2. **For Output = 3:** AFC is $33.33 and AVC is $48.00.3. **For Output = 4:** C is $260, AFC is $25.00, and AC is $65.00.4. **For Output = 5:** MC is $32, AFC is $20.00, AVC is $38.40, and AC is $58.40.5. **For Output = 6:** C is $440 and AVC is $40.00.6. **For Output = 7:** AFC is $14.29, AVC is $43.43, AC is $57.71.7. **For Output = 8:** C is $484, MC is $24, and AC is $60.50.8. **For Output = 9:** C is $580 and AFC is $11.11.9. **For Output = 10:** VC is $592, C is $692, AVC is $59.20, AC is

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)

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

100%

The table provided represents various cost calculations for a production process. Here is a detailed breakdown of each column and its significance:

- **Output (q)**: This column indicates the quantity of output produced.

- **F (Fixed Cost)**: The cost that does not change with the level of output. It remains at $100 across all levels of output.

- **VC (Variable Cost)**: The cost that changes with the level of output. It increases as the quantity of output grows.

- **C (Total Cost)**: This combines both fixed and variable costs (C = F + VC).

- **MC (Marginal Cost)**: The cost of producing one additional unit of output. This varies with each increase in output level.

- **AFC (Average Fixed Cost)**: The fixed cost per unit of output (AFC = F/q).

- **AVC (Average Variable Cost)**: The variable cost per unit of output (AVC = VC/q).

- **AC (Average Cost)**: The total cost per unit of output (AC = C/q).

The table includes a column for each of these costs, which need to be filled out based on the given formulas and additional data provided:

1. **For Output = 2:** C is $212, MC is $48, AFC is $50.00, AVC is $56.00, and AC is $106.00.
2. **For Output = 3:** AFC is $33.33 and AVC is $48.00.
3. **For Output = 4:** C is $260, AFC is $25.00, and AC is $65.00.
4. **For Output = 5:** MC is $32, AFC is $20.00, AVC is $38.40, and AC is $58.40.
5. **For Output = 6:** C is $440 and AVC is $40.00.
6. **For Output = 7:** AFC is $14.29, AVC is $43.43, AC is $57.71.
7. **For Output = 8:** C is $484, MC is $24, and AC is $60.50.
8. **For Output = 9:** C is $580 and AFC is $11.11.
9. **For Output = 10:** VC is $592, C is $692, AVC is $59.20, AC is

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