Question

In the table below you will find a schedule of a firm’s fixed cost and variable cost. Complete the table by computing total cost, average fixed cost, average variable cost, average total cost, and marginal cost.

                

	Total	Total		Average	Average	Average
Total	fixed	variable	Total	fixed	variable	total	Marginal
product	cost	cost	cost	cost	cost	cost	cost
0	80	0
1	80	100
2	80	180
3	80	240
4	80	320
5	80	440
6	80	600
7	80	800
8	80	1040
9	80	1340
10	80	1800

Answer 1

Total Product	Total Fixed Cost	Total Variable Cost	Total cost	Average Fixed Cost	Average Variable Cost	Average Total Cost	Marginal Cost
0	80	0	80	-	-	-	-
1	80	100	180	80	100	180	100
2	80	180	260	40	90	130	80
3	80	240	320	26.67	80	106.67	60
4	80	320	400	20	80	100	80
5	80	440	520	16	88	104	120
6	80	600	680	13.33	100	113.33	160
7	80	800	880	11.43	114.29	125.71	200
8	80	1040	1120	10	130	140	240
9	80	1340	1420	8.89	148.89	157.78	300
10	80	1800	1880	8	180	188	460