Question

According to the following table, what is the fixed cost, marginal cost, and average total cost...

  1. According to the following table, what is the fixed cost, marginal cost, and average total cost of producing the 4th unit?

Output

Total Cost

0

1

2

3

4

5

$20

$30

$35

$50

$80

$115

Homework Answers

Answer #1

The total fixed cost is $20 which is constant throughout. It is the cost incurred even when no output is produced. Since the total cost equals $20 when no output is produced, the total fixed cost is $20. The marginal cost is the change in total cost when an additional unit is produced. So, the marginal cost of fourth unit is $80 - $50 which equals $30. The average cost is the per unit cost which is calculated by dividing the total cost by output produced. So, the average cost of producing 4 units is $80/4 = $20.

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