The table below provides a simple cost schedule for a firm in the short run, complete 1a – 1d using the data.Total Output in thousands(Q)Total Fixed Cost $(TFC)Total Variable Cost (TVC)Total Cost(TC)Marginal Cost(MC)Average Fixed Cost(AFC)Average Variable Cost(AVC)Average Total Cost(ATC)0$50 $50 1$5020$70205020702$50 $85 3$50 $95 4$50 $100 5$50 $110 6$50 $130 7$50 $165 8$50 $215 9$50 $275 Fill in the missing data using the cost calculations for short run costs

Calculate TVC by subtracting TFC from TC. TVC=TC-TFC Calculate MC by subtracting TCn from TC n-1.…

Answered: Fill in the missing data using the cost…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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The table below provides a simple cost schedule for a firm in the short run, complete 1a – 1d using the data.

Total Output in thousands (Q)	Total Fixed Cost $(TFC)	Total Variable Cost (TVC)	Total Cost (TC)	Marginal Cost (MC)	Average Fixed Cost (AFC)	Average Variable Cost (AVC)	Average Total Cost (ATC)
0	$50		$50
1	$50	20	$70	20	50	20	70
2	$50		$85
3	$50		$95
4	$50		$100
5	$50		$110
6	$50		$130
7	$50		$165
8	$50		$215
9	$50		$275

Fill in the missing data using the cost calculations for short run costs

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