Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete th following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 23 2 4 5 6 7 8 9 10 F $200 200 200 200 200 200 200 200 200 200 VC с $64 $264 $64 112 312 48 144 344 32 160 16 192 392 32 440 48 Q 304 504 384 584 80 480 680 96 592 112 AFC MC AVC AC $200.00 $64.00 $264.00 56.00 156.00 100.00 48.00 40.00 66.67 50.00 40.00 33.33 28.57 22.22 20.00 40.00 43.43 48.00 53.33 59.20 0 90.00 78.40 73.33 72.00 73.00 75.56

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 8SQP
icon
Related questions
Question

Note:-

  • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
  • Answer completely.
  • You will get up vote for sure.
Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the
marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the
following cost table. (Enter numeric responses rounded to two decimal places.)
Output (q)
1
2
3
4
5
6
7
8
9
10
F
$200
200
200
200
200
200
200
200
200
200
VC C MC
$64
48
32
16
32
48
$64 $264
112
312
144 344
160
192 392
440
Q
304
504
384
584
480
680
592
AFC AVC AC
$200.00 $64.00 $264.00
100.00
56.00
156.00
48.00
40.00
66.67
50.00
40.00
33.33
28.57
80
96
22.22
112 20.00
90.00
78.40
73.33
72.00
73.00
53.33 75.56
59.20
40.00
43.43
48.00
Transcribed Image Text:Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 2 3 4 5 6 7 8 9 10 F $200 200 200 200 200 200 200 200 200 200 VC C MC $64 48 32 16 32 48 $64 $264 112 312 144 344 160 192 392 440 Q 304 504 384 584 480 680 592 AFC AVC AC $200.00 $64.00 $264.00 100.00 56.00 156.00 48.00 40.00 66.67 50.00 40.00 33.33 28.57 80 96 22.22 112 20.00 90.00 78.40 73.33 72.00 73.00 53.33 75.56 59.20 40.00 43.43 48.00
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Total Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning