Question

Fill in the blanks in the following table: output total cost total fixed cost total variable...

Fill in the blanks in the following table:

output total cost total fixed cost total variable cost average fixed cost average variable cost average total cost marginal cost

100

4500 3500 1000 35 10 45
200 9 8
300 9.50
400 7300 8.75
500 4890 16.78
600 6000 10
700 5 12.50
800 12150 15.19

A) complete the table

B) do your numbers in the table illustrate the expected relation between average variable cost and marginal cost? between average total cost and marginal cost?

Homework Answers

Answer #1

A.

TC=TVC+TFC

ATC=TC/Q

AVC=TVC/Q

AFC=TFC/Q

MC=TCn-TCn-1

B.

Yes, the expected relation between average variable cost and marginal cost are there because MC is cutting AVC at its minimum point approximately.

Yes, the expected relation between average Total cost and marginal cost are there because MC is cutting ATC at its minimum point approximately.

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