Question

Total Output	Total fixed cost	Total Variable cost	Total Cost	Average Fixed Cost	Average variable cost	Average total cost	Marginal cost
0		0	24	0	0	0
		8			8		8
			38			19
		27			9		13
							59

I need your help on filling in the rest of the chart. Thank you very much. If it is not to much trouble can you please explain how you got the answer. again thank you for your help.

Answer 1

Total Output	Total fixed cost	Total Variable cost	Total Cost	Average Fixed Cost	Average variable cost	Average total cost	Marginal cost
0	24	0	24	0	0	0
1	24	8	32	24	8		8
2	24	14	38	12	7	19	6
3	24	27	51	8	9	17	13
4	24	86	110	6	21.5	27.5	59

first, we have to find the quantity

for the first blank at Q, the Q=TVC/AVC=8/8=1

for the second blank at Q, Q=TC/ATC=38/19=2

and so on the quantity is increasing by 1

the total cost is 24 at zero output so the fixed cost is 24 at all level of output

FC=24

TVC=TC-FC

TVC of n th unit=TVC of n-1 units +MC of n th unit

TVC=sum of MC

TC=TVC+FC

AFC=FC/Q

AVC=VC/Q

ATC=TC/Q

MC of n th unit =VC of n units -VC of n-1 units