Question

 

Explain the different types of Costs in a tabular format. then draw a well-labelled diagram to explain your answer!

Answer 1

1	Total Cost	It is th total cost of producing goods of producers.
2	Marginal cost	It is the additional cost of producing additional unit
3	Average total cost	It is total cost per unit and calculated as total cost / output produced
4	Fixed Cost	It is the cost of production which is always that such as building rent, EMI
5	Variable Cost	It is the cost of production which keeps on changing withthe level of output produced.
6	Average fixed cost	It is calculated as fixed cost / output produced
7	Average variable cost	It is calculated as variable cost / output produced

Total cost = Fixed Cost + Variable cost

Quantity	Total Cost	Marginal Cost	Average total Cost	Fixed Cost	Variable Cost	Average Fixed Cost	Average Variable Cost
0	3000	-	-	3000	0	-	-
100	4500	1500	45.00	3000	1500	30.0	15
200	6500	2000	32.50	3000	3500	15.0	17.5
300	9000	2500	30.00	3000	6000	10.0	20
400	12000	3000	30.00	3000	9000	7.5	22.5
500	15500	3500	31.00	3000	12500	6.0	25
600	19500	4000	32.50	3000	16500	5.0	27.5
700	24500	5000	35.00	3000	21500	4.3	30.7

Answer 2