Calculate total costs at 4 units of output. Do not put a dollar sign in your answer. (The 6 columns are Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Average Total Cost, and Marginal Cost. The Quantity and Total Variable Cost columns have been filled in along with the first row for Total Fixed Cost. Average Total Costs and Marginal Costs are not calculated at a quantity of 0.)QuantityTotal Fixed CostTotal Variable CostTotal CostAverage Total CostMarginal Cost0150 XXXXXXXXXX1 25 2 40 3 50 4 55 5 65 Calculate average total costs at 2 units of output. Calculate average total cost at 5 units of output. Calculate marginal cost at 4 units of output (moving from 3 units to 4 units). Can you tell if this is the short run or long run? Can you tell at which level of output profits will be maximized?

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ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.7P

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Calculate total costs at 4 units of output. Do not put a dollar sign in your answer. (The 6 columns are Quantity, Total Fixed Cost, Total Variable Cost, Total Cost, Average Total Cost, and Marginal Cost. The Quantity and Total Variable Cost columns have been filled in along with the first row for Total Fixed Cost. Average Total Costs and Marginal Costs are not calculated at a quantity of 0.)

Quantity	Total Fixed Cost	Total Variable Cost	Total Cost	Average Total Cost	Marginal Cost
0	15	0		XXXXX	XXXXX
1		25
2		40
3		50
4		55
5		65

Calculate average total costs at 2 units of output.

Calculate average total cost at 5 units of output.

Calculate marginal cost at 4 units of output (moving from 3 units to 4 units).

Can you tell if this is the short run or long run?

Can you tell at which level of output profits will be maximized?

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