Question

Given the following information about a firm’s costs, complete the following chart. Graph the TC, TFC...

  1. Given the following information about a firm’s costs, complete the following chart. Graph the TC, TFC and TVC on one graph and directly below it (stack) a graph with the ATC, AFC, AVC & MC.

Q

TC

TFC

TVC

ATC

AFC

AVC

MC

0

$2,500

--

25

20.00

50

$900

75

$49.33

100

15.00

125

$2,000

150

$5,050

175

$32.29

200

19.00

Homework Answers

Answer #1

We have completed the table using the formulas:

TC = TFC+TVC

TC=ATC*Q, TFC=AFC*Q, TVC=AVC/*Q

ATC=AFC+AVC

MC=Change in TC/Change in Q = (TCn+1-TCn)/(Qn+1-Qn)

With the above values of ATC,AFC,AVC and MC, we can plot them as:

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