Question

In: Economics

The Jones Company has the following cost schedule. Fill theblanks in the table to compute...

The Jones Company has the following cost schedule. Fill the blanks in the table to compute (a) average total cost and (b) marginal cost schedules for the firm. (round to the second digit after the decimal)

		(a)	(b)
		Average
Output	Total Cost	Total Cost	Marginal Cost
0	$3000	---	---
50	3750	$75.00/unit	$15.00/unit
100	4275	42.75	10.50
150	4675	31.17	8.00
200	5000	25.00	6.50
250	5300	?	?
300	5700	?	?
350	6250	?	?
400	7050	?	?
450	8225	?	?

Expert Solution

Average Total Cost, ATC = Total Cost (TC) / Output (Q)

And Marginal Cost, MC = Change in TC/Change in Q

Using these formulas we can complete the table,

Q. TC. ATC. MC

0. 3000. - -

50. 3750. 75. 15

100. 4275. 42.75. 10.5

150. 4675. 31.16 8

200. 5000. 25 6.5

250. 5300. 21.2 6

300. 5700. 19 8

350. 6250. 17.86 11

400. 7050. 17.625 16

450. 8225. 18.28. 23.5

Rahul Sunny answered 2 years ago

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