Q TFC AFC VC AVC TC ATC MC 1 200 120 2 220 3 305 4 375 5 435 6 485 7 525 8 560 9 595 10 630 11 670 12 720 13 780 14 855 15 940 16 1035 17 1145 18 1270 19 1410 20 1565 Fill in the above table completely and meticulously plot the AFC, AVC, ATC, and MC curves. This graph and table demonstrate the three short run average cost curves as well as the marginal cost curve. In the readings from the text you will find the formulas for these short run curves. Use these formulas to fill out the table. All of the information you need to fill out the entire table is already on this graph. For instance, in the first column, the Fixed costs are just that, fixed. They do not change with output, so the total fixed costs for one unit would be $200. But it would be the same for 2 units or 3. The number 200 would appear in every box in that column. Total variable costs would be the sum of all variable costs. If the VC for the first unit was $120, the total variable costs for all units up to that point was $120. If the VC was $100 for the second unit, the cost for the first two units would be the sum of the two. Thus the TVC for the first 2 units would be $220. You would add the variable cost of the third unit ($85) to get the total for the first three units. The TVC of the first three units would be $120, plus $100, plus $85, or $305. Use the formulas in the chapter to fill out the table completely. Then plot the curves listed on the assignment sheet. Once you have created a chart for that, save it as a PDF and place it in the drop box for this week.

Q TFC AFC VC AVC TC ATC MC 1 200 120 2 220 3 305 4 375 5 435 6 485 7 525 8 560 9 595 10 630 11 670 12 720 13 780 14 855 15 940 16 1035 17 1145 18 1270 19 1410 20 1565 Fill in the above table completely and meticulously plot the AFC, AVC, ATC, and MC curves. This graph and table demonstrate the three short run average cost curves as well as the marginal cost curve. In the readings from the text you will find the formulas for these short run curves. Use these formulas to fill out the table. All of the information you need to fill out the entire table is already on this graph. For instance, in the first column, the Fixed costs are just that, fixed. They do not change with output, so the total fixed costs for one unit would be $200. But it would be the same for 2 units or 3. The number 200 would appear in every box in that column. Total variable costs would be the sum of all variable costs. If the VC for the first unit was $120, the total variable costs for all units up to that point was $120. If the VC was $100 for the second unit, the cost for the first two units would be the sum of the two. Thus the TVC for the first 2 units would be $220. You would add the variable cost of the third unit ($85) to get the total for the first three units. The TVC of the first three units would be $120, plus $100, plus $85, or $305. Use the formulas in the chapter to fill out the table completely. Then plot the curves listed on the assignment sheet. Once you have created a chart for that, save it as a PDF and place it in the drop box for this week.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

TFC

AFC

AVC

ATC

200

120

220

305

375

435

485

525

560

595

630

670

720

780

855

940

1035

1145

1270

1410

1565

Fill in the above table completely and meticulously plot the AFC, AVC, ATC, and MC curves.

This graph and table demonstrate the three short run average cost curves as well as the marginal cost curve. In the readings from the text you will find the formulas for these short run curves. Use these formulas to fill out the table. All of the information you need to fill out the entire table is already on this graph. For instance, in the first column, the Fixed costs are just that, fixed. They do not change with output, so the total fixed costs for one unit would be $200. But it would be the same for 2 units or 3. The number 200 would appear in every box in that column.
Total variable costs would be the sum of all variable costs. If the VC for the first unit was $120, the total variable costs for all units up to that point was $120. If the VC was $100 for the second unit, the cost for the first two units would be the sum of the two. Thus the TVC for the first 2 units would be $220. You would add the variable cost of the third unit ($85) to get the total for the first three units. The TVC of the first three units would be $120, plus $100, plus $85, or $305. Use the formulas in the chapter to fill out the table completely. Then plot the curves listed on the assignment sheet. Once you have created a chart for that, save it as a PDF and place it in the drop box for this week.

Expert Solution

Step 1

We have given that

Q	TFC	AFC	VC	AVC	TC	ATC	MC
1	200		120
2			220
3			305
4			375
5			435
6			485
7			525
8			560
9			595
10			630
11			670
12			720
13			780
14			855
15			940
16			1035
17			1145
18			1270
19			1410
20			1565

Trending now

This is a popular solution!

Step by step

Solved in 9 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.