Complete the table below. (Round your answers to two decimal places.) Capital, K Labor, L Output, Q 2 2 2 2 NNN 2 2 0 1 2 3 4 5 6 0 100 800 1,200 1,500 1,700 1,800 Fixed cost, FC $400 $ $ $ $ $ $ Variable Total cost, cost, VC TC $ $200 $ $ $ $ $ $ $ $ $ $ $ $ Average Average fixed cost, variable cost, AVC AFC X $ $ $ $ $ $ X $ $ $ $ $ $ Average total cost, ATC X $ $ $ $ $ $ Marginal cost, MC X $ $ $ $ $ $

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 $250 250 250 250 250 250 250 250 250 с MC AFC AVC AC $266 $16 $250.00 $16.00 $266.00 12 125.00 14.00 139.00 8 83.33 12.00 4 62.50 10.00 72.50 298 50.00 59.60 8 310 12 41.67 10.00 51.67 76 326 35.71 10.86 46.57 96 346 20 12.00 43.25 41.11 27.78 13.33 120 370 24 148 28 25.00 14.80 VC $16 28 278 36 286 40 48

Explain why this statement is true or false: "If the labor cost per table is $20 and the material cost per table is $30, the short run average cost per table is $50."

Marginal cost can be calculated both from total cost and total variable cost and is not affected by total fixed cost True/False