Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost 0 --- --- --- --- 1 $40.00 2 $72 3 $85.00 4 $30.00 $360.00 What is the total cost when producing zero units? total cost: What is the marginal cost for the first unit? marginal cost: What is the average total cost when producing three units? average total cost: What is the average variable cost when producing four units? average variable cost:
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost 0 --- --- --- --- 1 $40.00 2 $72 3 $85.00 4 $30.00 $360.00 What is the total cost when producing zero units? total cost: What is the marginal cost for the first unit? marginal cost: What is the average total cost when producing three units? average total cost: What is the average variable cost when producing four units? average variable cost:
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
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Question
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.
Round your answers to two digits after the decimal.
| Quantity | Marginal cost | Fixed cost | Variable cost | Total cost | Average fixed cost | ||
|---|---|---|---|---|---|---|---|
| 0 | --- | --- | --- | --- | |||
| 1 | $40.00 | ||||||
| 2 | $72 | ||||||
| 3 | $85.00 | ||||||
| 4 | $30.00 | $360.00 |
What is the total cost when producing zero units?
total cost:
What is the marginal cost for the first unit?
marginal cost:
What is the average total cost when producing three units?
average total cost:
What is the average variable cost when producing four units?
average variable cost:
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