Question
Fill in the missing values in the table below. Periods or commas can be used as...
Fill in the missing values in the table below. Periods or commas can be used as decimal point markers, but aren't necessary for whole numbers.
| Total Output | TFC | TVC | Total Costs | AVC | ATC | MC |
| 0 | 10 | 0 | - | - | - | |
| 1 | 10 | 20 | 10 | 20 | 10 | |
| 2 | 10 | 16 | 26 | 6 | ||
| 3 | 10 | 20 | 30 | 10 | ||
| 4 | 10 | 22 | 32 | 5.50 | ||
| 5 | 10 | 26 | 36 | |||
| 6 | 10 | 32 | 42 | 7 | ||
| 7 | 10 | 40 | 50 | 5.71 | 8 |
Homework Answers
Answer #1
| Total Output | TFC | TVC | Total Costs | AVC | ATC | MC |
| 0 | 10 | 0 | - | - | - | |
| 1 | 10 | 10 | 20 | 10 | 20 | 10 |
| 2 | 10 | 16 | 26 | 8 | 13 | 6 |
| 3 | 10 | 20 | 30 | 6.7 | 10 | 4 |
| 4 | 10 | 22 | 32 | 5.5 | 8 | 2 |
| 5 | 10 | 26 | 36 | 5.2 | 7.2 | 4 |
| 6 | 10 | 32 | 42 | 5.3 | 7 | 6 |
| 7 | 10 | 40 | 50 | 5.71 | 7.1 | 8 |
Below are the formulas/concepts that are used
1. TFC remains fixed at all output levels. So at Q = 1, TFC =
$10.
2. AVC = TVC/Q
3. TC = TFC + TVC
4. ATC = TC + TVC
5. MC is change in the Total Cost or Total Variable Cost when
output changes by 1 unit.
In excel, this is how solution will look like -
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