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. Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost 0 --- --- --- --- 1 $50.00$50.00 2 $68.00$68.00 3 $95.00$95.00 4 $50.00$50.00 $360.00$360.00 What is the total cost when producing zero units?
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. Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost 0 --- --- --- --- 1 $50.00$50.00 2 $68.00$68.00 3 $95.00$95.00 4 $50.00$50.00 $360.00$360.00 What is the total cost when producing zero units?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
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.
| Quantity | Marginal cost | Fixed cost | Variable cost | Total cost | Average fixed cost | ||
|---|---|---|---|---|---|---|---|
| 0 | --- | --- | --- | --- | |||
| 1 | $50.00$50.00 | ||||||
| 2 | $68.00$68.00 | ||||||
| 3 | $95.00$95.00 | ||||||
| 4 | $50.00$50.00 | $360.00$360.00 |
What is the total cost when producing zero units?
Expert Solution
Step 1
We will complete a table with the help following formulas;-
- Total Cost = Fixed cost + Variable cost
- Fixed cost = $50 given so it will be the same for all production levels.
- Variable cost = Quantity x Cost
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