Question
Given the following information about a firm’s costs, complete the following chart. Graph the TC, TFC...
- 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 |
$32.29 |
||||||
|
200 |
19.00 |
Homework Answers
Answer #1
We have completed the table using the formulas:
TC = TFC+TVC
TC=ATC*Q, TFC=AFC*Q, TVC=AVC/*Q
ATC=AFC+AVC
MC=Change in TC/Change in Q = (TCn+1-TCn)/(Qn+1-Qn)
With the above values of ATC,AFC,AVC and MC, we can plot them as:
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Similar Questions
Given the following information about a firm’s costs, complete the following chart. On one graph, show...
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AFC
AVC
MC
0
--
50
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ATC ($/unit)
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2
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