Units of Output (Q) Total Cost (TC) Total Variable Cost (TVC) Average Variable Cost (AVC) Average...

Units of Output (Q)	Total Cost (TC)	Total Variable Cost (TVC)	Average Variable Cost (AVC)	Average Fixed Cost (AFC)	Marginal Cost (MC)
0	$120	$0	N/A	N/A	N/A
1	121
2	126
3	147
4	196
5	285
6	426
7	631
8	912
9	1,281
10	1,750

4. The following Table represents a firm’s short run costs.

a. Complete the missing cells in the Table (10 points).

Solutions

Expert Solution

Output	Fixed cost	Variable cost	Total cost	Average Total cost	Average fixed cost	Average variable cost	Marginal cost
0	120	0	120
1	120	1	121	121.0	120.0	1.0	1.0
2	120	6	126	63.0	60.0	3.0	5.0
3	120	27	147	49.0	40.0	9.0	21.0
4	120	76	196	49.0	30.0	19.0	49.0
5	120	165	285	57.0	24.0	33.0	89.0
6	120	306	426	71.0	20.0	51.0	141.0
7	120	511	631	90.1	17.1	73.0	205.0
8	120	792	912	114.0	15.0	99.0	281.0
9	120	1161	1281	142.3	13.3	129.0	369.0
10	120	1630	1750	175.0	12.0	163.0	469.0

Rahul Sunny answered 1 year ago

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