Answered: What number goes where the highlighted…

What number goes where the highlighted question marks are? In other words, what is the last number in the TC column? Your answer will be a whole number.

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

### Cost Table

See the cost table below. You may want to draw your own copy to fill it out.

#### Table:
| Q | TFC | TVC | TC | AFC | AVC | ATC | MC |
|---|-----|-----|-----|-----|-----|-----|----|
| 0 | 60 | 0 | 60 | -- | -- | -- | -- |
| 1 | 60 | 20 | 80 | 60 | 20 | 80 | 20 |
| 2 | 60 | 34 | 94 | 30 | 17 | 47 | 14 |
| 3 | 60 | | 120 | 20 | | | 26 |
| 4 | 60 | | | 15 | 24 | | |
| 5 | 60 | | ????| 12 | | | 60 |

#### Question:
What number goes where the highlighted question marks are? In other words, what is the last number in the TC column? Your answer will be a whole number.

Consider the short-run U-shaped cost curves, ATC, AVC, and MC.

What gives these curves their U-shape?

- O increasing wage rates for workers
- O changing amounts of capital in the short run
- O diminishing marginal product of labor in the short run
- O firms reducing the price of output to sell more

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