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(On costs!) Fill in the Table below. (It's fun!) (See key below Table.) Round any values with decimal to one decimal place. (3 points; 0.10

(On costs!) Fill in the Table below. (It's fun!) (See key below Table.) Round any values with decimal to one decimal place. (3 points; 0.10 points per correct cell)

Q TC FC VC AC = ATC AFC AVC

MC

0 $80 ______ _______ _______

_______

10

$4 =

TC/Q = VC/Q

20 $200

30 $240

40

50

$13.60

$20 = TC/Q = VC/Q

Key: Q = output;TC = total cost; VC = variable cost; FC = fixed cost; AC = average total cost = TC/Q; AFC = average fixed cost = FC/Q;AVC = average variable cost = VC/Q; MC = marginal cost = TC/Q = VC/Q (so remember, Q from 0 to 10 =10, from 10 to 20 = 10, etc.) (Hint: see red!Also, ask yourself, if Q = 0, what is VC?)

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