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) MC AFC AVC VC AC $200 $16 28 $216 $16 12 $200.00 $16.00 $216.00 100.00 14.00 114.00 228 200 36 236 8. 66.67 12.00 4 200 40 4 50.00 10.00 60.00 200 48 248 40.00 49.60 6 200 260 12 33.33 10.00 43.33 200 76 276 28.57 10.86 39.43 200 96 296 20 12.00 37.00 200 200 120 148 22.22 24 13.33 35,56 320 10 28 14.80 20.00

Calculate total costs at 4 units of output.  Do not put a dollar sign in your answer.  (The 6 columns are Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Average Total Cost, and Marginal Cost.  The Quantity and Total Variable Cost columns have been filled in along with the first row for Total Fixed Cost.  Average Total Costs and Marginal Costs are not calculated at a quantity of 0.) Quantity Total Fixed Cost Total Variable Cost Total Cost Average Total Cost Marginal Cost 0 15 0   XXXXX XXXXX 1   25       2   40       3   50       4   55       5   65       Calculate average total costs at 2 units of output.   Calculate average total cost at 5 units of output.   Calculate marginal cost at 4 units of output (moving from 3 units to 4 units).   Can you tell if this is the short run or long run?    Can you tell at which level of output profits will be maximized?

Refer to the table below. Note that the first column shows variable costs. Quantity Cost 0 1 2 3 5 6 (in dollars) Costs 0 15 35 60 90 Fixed Total Average Costs Total Costs (in (in (in dollars dollars) per unit) dollars) 160 40 40 40 55 55 : 40 75 37.5 40 100 125 40 33.3 40 130 32.5 165 33 40 200 33.3 Average Variable Costs (in dollars per unit) 15 17.5 20 22.5 25 26.6 Marginal Costs (in dollars per unit) 15 20 25 30 35 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? losses equal $15 profts equal $15 profts equal $25 losses equal $25

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