Directions: Fill in the table.Units of Output Total Costs Total Fixed Costs Total Variable Costs Average Total Costs Average Fixed Costs Average Variable Costs Marginal Costs0 $1,000 1 1,200 2 1,350 3 1,550 4 1,900 5 2,300 6 2,750 7 3,250 8 3,800 9 4,400

Directions: Fill in the table.Units of Output Total Costs Total Fixed Costs Total Variable Costs Average Total Costs Average Fixed Costs Average Variable Costs Marginal Costs0 $1,000 1 1,200 2 1,350 3 1,550 4 1,900 5 2,300 6 2,750 7 3,250 8 3,800 9 4,400

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 5CQQ

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Question

Directions: Fill in the table.
Units of Output Total Costs Total Fixed Costs Total Variable Costs Average Total Costs Average Fixed Costs Average Variable Costs Marginal Costs
0 $1,000
1 1,200
2 1,350
3 1,550
4 1,900
5 2,300
6 2,750
7 3,250
8 3,800
9 4,400

Definition Definition Measure of the cost of production per unit of output, including only variable costs such as wages, materials, and utilities. AVC is calculated by dividing total variable cost by the number of units produced. Understanding average variable cost is important for businesses to make decisions on pricing, production levels, and profitability.

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