Total Average Fixed Variable fixed variable total Output Costs MC Costs Costs costs costs costs a. Complete the table 100 4 4 90 5 6 b. What is the relation between average variable cost and marginal cost? Between average total cost and marginal cost? 2 170 6 8 3 240 7 10 4 300 8 12 5 370 9 14 6 450 10 16 7 540 11 18 8 650 12 20 9 780 13 22 10 930 14 24

Total Average Fixed Variable fixed variable total Output Costs MC Costs Costs costs costs costs a. Complete the table 100 4 4 90 5 6 b. What is the relation between average variable cost and marginal cost? Between average total cost and marginal cost? 2 170 6 8 3 240 7 10 4 300 8 12 5 370 9 14 6 450 10 16 7 540 11 18 8 650 12 20 9 780 13 22 10 930 14 24

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

I completed MC and AVC but im not positive that they are correct. Output and TVC were provided as well as the first TFC. Any help would be greatly appreciated.

Total
Average
Fixed
Variable
fixed
variable
total
Output
Costs
MC
Costs
Costs
costs
costs
costs
a. Complete the table
100
4
4
1
90
b. What is the relation between average variable cost and marginal cost?
Between average total cost and marginal cost?
2
170
8
3
240
7
10
4
300
8
12
5
370
14
450
10
16
540
11
18
8
650
12
20
780
13
22
10
930
14
24

Definition Definition Measure of the cost of production per unit of output, including only variable costs such as wages, materials, and utilities. AVC is calculated by dividing total variable cost by the number of units produced. Understanding average variable cost is important for businesses to make decisions on pricing, production levels, and profitability.

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