Question

OUTPUT FIXED COSTS (K’000 VARIABLE COST (K’000) 100 100 700 101 100 706 102 100 709...

OUTPUT
FIXED COSTS (K’000
VARIABLE COST (K’000)
100
100
700
101
100
706
102
100
709
103
100
710
You are required to calculate:
a. The total cost of production [5 marks]
b. The average total cost [5 marks]
c.The marginal cost [5

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Homework Answers

Answer #1

Total cost = Fixed coss + Variable costs

Average total cost = Total cost / Output

Marginal cost is the additional cost required to produce one additional unit of output.

Marginal cost is tbe difference between total cost at the current unit of output and total cost at the previous unit of output.

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