Microeconomics
Solutions
Microeconomics
For each lettered space in the following table, determine the appropriate dollar amount:
Illustrate the value of average fixed cost, average variable cost, total cost, average total cost, and marginal cost.
Average fixed cost:
Average fixed cost can be calculated using the following formula:
Average fixed cost:
If fixed cost is 200 and the quantity is 1, then the average fixed cost can be calculated using Equation (1) as follows:
Thus, if output is 1, then the value of average fixed cost is $200.
Average variable cost:
Average variable cost can be calculated using the following formula:
Average variable cost:
If total variable cost is 30 and the quantity is 1, then the average variable cost can be calculated using Equation (2) as follows:
Thus, if the output is 1, then the value of average variable cost is $30.
Total cost:
Total cost can be calculated using the following formula:
Total cost:
If total variable cost is 30 and total fixed cost is 200, then the total cost can be calculated using Equation (3) as follows:
Thus, if output is 1, then the value of total cost is $230
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