Question

In: Economics

Complete the table below by computing and filling in the missing values for (a) Avg. fixed...

  1. Complete the table below by computing and filling in the missing values for (a) Avg. fixed Cost, (b) Avg. Variable cost, (c) Total Cost, (d) Avg. Total Cost, (E) Marginal cost

(1)
Quantity of
Output, Q
(units)

(2)
Total
Fixed Cost
($)

(3)
Average
Fixed
Cost (AFC)

(4)
Total Variable
Cost (TVC)

(5)
Average
Variable
Cost (AVC)

(6)
Total Cost
(TC)

(7)
Average
Total Cost
(ATC)

(8)
Marginal
cost (MC)

0

$200

$0

1

200

30

2

200

50

3

200

60

4

200

65

5

200

75

6

200

95

7

200

125

8

200

165

9

200

215

10

200

275

2. If Price = $20, quantity = 400 units, unit cost = $15, implicit costs = $4,000.

What does economic profit equal?

Solutions

Expert Solution


Rahul Sunny answered 1 year ago
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