The objective of this activity is to test students understanding of the various components of the theory of costs. Fill in the cost table using the clues given below. Output TC MC ATC AFC AVC TVC TFC 2 4 6 CLUES 1. Average Fixed Cost for 6 units of output is 9. 2. Average Variable Cost for 2 units of output is 30. 3. Total Cost is increased by 28 when the 3rd unit of output is added. 4. Average Total Cost of 4 units is the same as the Average Total Cost of 3 units of output. 5. Total Cost for 5 units of output is 258. 6. Total Variable Cost is increased by 100 when the 6th unit of output is added. 7. Total Cost increases by 8 when the 2nd unit of output is added.

The objective of this activity is to test students understanding of the various components of the theory of costs. Fill in the cost table using the clues given below. Output TC MC ATC AFC AVC TVC TFC 2 4 6 CLUES 1. Average Fixed Cost for 6 units of output is 9. 2. Average Variable Cost for 2 units of output is 30. 3. Total Cost is increased by 28 when the 3rd unit of output is added. 4. Average Total Cost of 4 units is the same as the Average Total Cost of 3 units of output. 5. Total Cost for 5 units of output is 258. 6. Total Variable Cost is increased by 100 when the 6th unit of output is added. 7. Total Cost increases by 8 when the 2nd unit of output is added.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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