Question

In: Economics

Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....

Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.

Round your answers to two digits after the decimal.

Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost
0 --- --- --- ---
1 $50.00$50.00
2 $74.00$74.00
3 $105.00$105.00
4 $40.00$40.00 $400.00$400.00

What is the total cost when producing zero units?

total cost: $

What is the marginal cost for the first unit?

marginal cost: $

What is the average total cost when producing three units?

average total cost: $

What is the average variable cost when producing four units?

average variable cost: $

Solutions

Expert Solution

Q MC FC VC TC AFC AVC
0 - 40 0 40 - -
1 50 40 50 90 40 50
2 24 40 74 114 20 37
3 105 40 179 219 40/3 179/3
4 181 40 360 400 10 90

1) Q = 0, TC = 40

2) MC1 = 50

3) ATC3 = (40+179)/3 = 73

4) AVC4 = 90


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