Outputfixed costvariable costtotal costmarginalcostaverage variable cost 06001600 10600 1050 20600 1450 30600 1800 40600 2100 50600 2450 60600 2850 70600 3300 80600 3850 90600 4500 10600 5250 The table above shows the informations on output and cost for the firmComplete the table above by calculating the variable cost, marginal cost, average variable cost and average total cost

In a market, a firm can compute different types of cost using one or two cost functions such as…

Answered: Output fixed cost variable cost total…

Output fixed cost variable cost total cost marginalcost average variable cost 0 600 1 600 10 600 1050 20 600 1450 30 600 1800 40 600 2100 50 600 2450 60 600 2850 70 600 3300 80 600 3850 90 600 4500

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 3CQQ

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Question

Output	fixed cost	variable cost	total cost	marginalcost	average variable cost
0	600	1	600
10	600		1050
20	600		1450
30	600		1800
40	600		2100
50	600		2450
60	600		2850
70	600		3300
80	600		3850
90	600		4500
10	600		5250

The table above shows the informations on output and cost for the firm

Complete the table above by calculating the variable cost, marginal cost, average variable cost and average total cost

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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