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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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