Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table.| Total product | Total variable cost | Total cost | AFC | AVC | ATC | MC ||---------------|---------------------|------------|-----|-----|-----|----|| 0 | $0 | $80 | | | | || 1 | 110 | 190 | | | | || 2 | 150 | 230 | | | | || 3 | 180 | 260 | | | | || 4 | 220 | 300 | | | | || 5 | 270 | 350 | | | | || 6 | 340 | 420 | | | | || 7 | 450 | 530 | | | | || 8 | 580 | 660 | | | | |Here, AFC stands for Average Fixed Cost, AVC for Average Variable Cost, ATC for Average Total Cost, and MC for Marginal Cost.To calculate:- **AFC** = Total Fixed Cost / Total Product- **AVC** = Total Variable Cost / Total Product- **ATC** = Total Cost / Total Product- **MC** = Change in Total Cost / Change in Total Product

Average cost represents the per unit cost of production. Marginal cost is the incremental cost of…

Answered: Total variable Total product Total cost…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Total variable Total product Total cost cost AFC AVC ATC MC $ 80 110 190 150 230 180 260 *220 300 270 350 340 420 440 520 580 660