a) Refer to the table above. Several entries in the table are blank, but can be determined using the information you know about costs.

Output	Total Cost	Marginal Cost
0		-
1		3
2		5
3	20	7

a) Refer to the table above. Several entries in the table are blank, but can be determined
using the information you know about costs. Determine the variable cost of producing
three units of output. Show your work.

a) Variable Cost = $20

b) Variable Cost = $5

c) Variable Cost = $10

d) Variable Cost = $15

b) Refer to the table above. Several entries in the table are blank, but can be determined
using the information you know about costs. Determine fixed cost. Show your work.

a) Fixed Cost = $0

b) Fixed Cost = $5

c) Fixed Cost = $10

d) Fixed Cost = $15

Expert Solution

When Output is 0 there is no variable cost involved. And all the total cost is total fixed cost only. So the correct option for part b) is Fixed cost = $5 . At 0 unit of output total cost is 0 which is fixed cost only.

Correct option for part a ) is D) Variable cost = $15.

Because Total cost = Total variable cost + Total fixed cost

20 = Variable cost + 5

Variable cost = $15.

Rahul Sunny answered 2 years ago

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