Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) MC AFC AVC VC AC $200 $16 28 $216 $16 12 $200.00 $16.00 $216.00 100.00 14.00 114.00 228 200 36 236 8. 66.67 12.00 4 200 40 4 50.00 10.00 60.00 200 48 248 40.00 49.60 6 200 260 12 33.33 10.00 43.33 200 76 276 28.57 10.86 39.43 200 96 296 20 12.00 37.00 200 200 120 148 22.22 24 13.33 35,56 320 10 28 14.80 20.00

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 7PA
icon
Related questions
Question
Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable
cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.)
Output (q)
MC
AFC
AVC
VC
AC
$200
$16
28
$216
$16
12
$200.00 $16.00 $216.00
100.00 14.00 114.00
228
200
36
236
8.
66.67
12.00
4
200
40
4
50.00
10.00 60.00
200
48
248
40.00
49.60
6
200
260
12
33.33
10.00
43.33
200
76
276
28.57
10.86 39.43
200
96
296
20
12.00 37.00
200
200
120
148
22.22
24
13.33 35,56
320
10
28
14.80
20.00
Transcribed Image Text:Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) MC AFC AVC VC AC $200 $16 28 $216 $16 12 $200.00 $16.00 $216.00 100.00 14.00 114.00 228 200 36 236 8. 66.67 12.00 4 200 40 4 50.00 10.00 60.00 200 48 248 40.00 49.60 6 200 260 12 33.33 10.00 43.33 200 76 276 28.57 10.86 39.43 200 96 296 20 12.00 37.00 200 200 120 148 22.22 24 13.33 35,56 320 10 28 14.80 20.00
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 8 images

Blurred answer
Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning