Average Fixed costAverage Variable CostAverage Total Cost Output 0 1 $ 180.00 $ 135.00 $ 315.00 2 $ 90.00 $ 127.50 $ 217.50 3 $ 60.00 $ 120.00 $ 180.00 4 $ 45.00 $ 112.50 $ 157.50 5 $ 36.00 $ 111.00 $ 147.00 6 $ 30.00 $ 112.50 $ 142.50 7 $ 25.71 $ 115.70 $ 141.41 8 $ 22.50 $ 121.90 $ 144.40 9 $ 20.00 $ 130.00 $ 150.00 10 $ 18.00 $ 139.50 $ 157.50 Table 1-a (continued) Marginal CostPriceTotal RevenueMarginal RevenueOutput0 $ 345.00 1 $ 300.00 2 $ 249.00 3 $ 213.00 4 $ 189.00 5 $ 165.00 6 $ 144.00 7 $ 126.00 8 $ 111.00 9 $ 99.00 10 $ 87.00 Complete Table 1. Summarize your calculations and use Microsoft Excel.Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs.Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of output? Explain and justify your answers.

Solution(1):- The complete table is as shown below Output Average Fixed cost Average Variable…

Answered: omplete Table 1. Summarize your…

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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Average Fixed cost	Average Variable Cost	Average Total Cost
Output
0
1	$ 180.00	$ 135.00	$ 315.00
2	$ 90.00	$ 127.50	$ 217.50
3	$ 60.00	$ 120.00	$ 180.00
4	$ 45.00	$ 112.50	$ 157.50
5	$ 36.00	$ 111.00	$ 147.00
6	$ 30.00	$ 112.50	$ 142.50
7	$ 25.71	$ 115.70	$ 141.41
8	$ 22.50	$ 121.90	$ 144.40
9	$ 20.00	$ 130.00	$ 150.00
10	$ 18.00	$ 139.50	$ 157.50
Table 1-a (continued)
	Marginal Cost	Price	Total Revenue	Marginal Revenue
Output
0		$ 345.00
1		$ 300.00
2		$ 249.00
3		$ 213.00
4		$ 189.00
5		$ 165.00
6		$ 144.00
7		$ 126.00
8		$ 111.00
9		$ 99.00
10		$ 87.00

Complete Table 1. Summarize your calculations and use Microsoft Excel.
Using Excel, draw one graph showing average fixed costs, average variable costs, average total costs, marginal revenue, and marginal costs.
Using the data in the table and on your graph, what is the profit maximizing, or loss minimizing level of output? Explain and justify your answers.

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