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) 1 2 3 4 5 6 7 8 9 10 F $250 250 250 250 250 250 250 250 250 250 C AFC MC AVC AC $314 $64 $250.00 $64.00 $314.00 362 48 125.00 56.00 181.00 394 32 83.33 48.00 16 62.50 40.00 410 442 32 50.00 □ 490 48 41.67 40.00 240 304 554 M 35.71 384 634 80 730 480 96 592 842 112 VC $64 112 144 160 192 0 102.50 88.40 81.67 79.14 43.43 48.00 53.33 27 78 59.20 25.00 79 25 81.11 HH 4
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) 1 2 3 4 5 6 7 8 9 10 F $250 250 250 250 250 250 250 250 250 250 C AFC MC AVC AC $314 $64 $250.00 $64.00 $314.00 362 48 125.00 56.00 181.00 394 32 83.33 48.00 16 62.50 40.00 410 442 32 50.00 □ 490 48 41.67 40.00 240 304 554 M 35.71 384 634 80 730 480 96 592 842 112 VC $64 112 144 160 192 0 102.50 88.40 81.67 79.14 43.43 48.00 53.33 27 78 59.20 25.00 79 25 81.11 HH 4
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 31CTQ: A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output...
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the following cost table. (Enter numeric responses rounded to two decimal places) \table[[
Output (q), F, VC, C, MC, AFC,
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)
1
2
3
4
5
6
7
8
9
10
F
$250
250
250
250
250
250
250
250
250
250
MC
VC C
$64 $314 $64
362
112
48
144 394 32
160
410
442
16
32
192
490 48
240
304
554
384 634
480
730
592
842
80
96
112
AFC AVC AC
$250.00 $64.00 $314.00
56.00 181.00
125.00
83.33 48.00
40.00
62.50
50.00
41.67
35.71
27.78
25.00
40.00
43.43
48.00
53.33
59.20
102.50
88.40
81.67
79.14
79.25
81.11
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