Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Marginal Fixed Quantity cost cost Variable cost Total Average fixed cost cost Average variable cost 0 --- --- --- 1 2 3 $105.00 4 $50.00 $72.00 What is the total cost when producing zero units? total cost: $ 20 What is the marginal cost for the first unit? marginal cost: $ 45 $360.00 $45.00 Average total cost ---
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Marginal Fixed Quantity cost cost Variable cost Total Average fixed cost cost Average variable cost 0 --- --- --- 1 2 3 $105.00 4 $50.00 $72.00 What is the total cost when producing zero units? total cost: $ 20 What is the marginal cost for the first unit? marginal cost: $ 45 $360.00 $45.00 Average total cost ---
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

Transcribed Image Text:Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.
Round your answers to two digits after the decimal.
Marginal Fixed
Quantity
cost
cost
Variable
cost
Total Average fixed
cost
cost
Average
variable cost
0
---
---
---
1
2
3
$105.00
4
$50.00
$72.00
What is the total cost when producing zero units?
total cost: $
20
What is the marginal cost for the first unit?
marginal cost: $
45
$360.00
$45.00
Average total
cost
---
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