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Solution Library
Problem - Total Cost, Average Cost, Marginal Cost
Question:
(a) Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
|
Output (Units) |
TC ($) |
AC ($) |
MC ($) |
|
0 |
55 |
— |
|
|
30 |
|||
|
1 |
85 |
85 |
|
|
25 |
|||
|
2 |
110 |
55 |
|
|
20 |
|||
|
3 |
130 |
43.3333333 |
|
|
30 |
|||
|
4 |
160 |
40 |
|
|
50 |
|||
|
5 |
210 |
42 |
|
|
70 |
|||
|
6 |
280 |
46.6666667 |
|
|
90 |
|||
|
7 |
370 |
52.8571429 |
|
|
110 |
|||
|
8 |
480 |
60 |
|
|
130 |
|||
|
9 |
610 |
||
|
150 |
|||
|
10 |
760 |
76 |
(b) How much is total fixed cost at:
(i) an output of 0 units ?
(ii) an output of 6 units?
(c) How much is average fixed cost at:
(i) an output of 5 units?
(ii) an output of 10 units?
(d) How much is total variable cost at an output of 5 units?
(e) How much is average variable cost at an output of 10 units?
Summary:
A number of units produced for a given fixed cost and variable cost are calculated in the answer through the given table.
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