Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)     Output TC (£) AC (£) MC (£) 0 1 2 3 4 5 6 7 8   9 10 55 85 110 130 160 210 280    370 480  610 760 – 85 55  43.33 40 42 46.66 52.80 60   67.77 76                30 25 20 30 50                   70   90 110                     130                       150   How much is total fixed cost at: (i)      an output of 0? ................................................................................................................. (ii)     an output of 6? .................................................................................................................   How much is average fixed cost at: (i)      an output of 5? ................................................................................................................. (ii)     an output of 10? ...............................................................................................................

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.