Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help I dint know this 1. Fill in the values for the following costs. Quantity Total Cost TVC TFC MC AFC AVC ATC 0

please help I dint know this

image text in transcribed
1. Fill in the values for the following costs. Quantity Total Cost TVC TFC MC AFC AVC ATC 0 400 1 600 2 700 3 750 4 900 5 1200 2. Suppose a firm has the following variable costs: Quantity 2 Total Variable cost oo 1 3 4 5 50 80 100 140 200 If the average fixed cost = 1000 when the quantity is 2, find the average total cost at a production level of 5 units. 3. Suppose a firm has the following average total costs: Quantity 1 2 3 4 5 Average Total Cost 700 400 333 325 360 a) If the firm's total fixed cost = 500, what is their total variable cost when producing 4 units? b) What is the marginal cost of units #1 and #2? c) What is the average variable cost when producing 5 units? 4. Suppose a firm has total fixed cost of 200 and the following marginal costs. Fill in Total Costs. Quantity 1 2 3 4 5 Marginal Cost 30 50 30 60 100 Total Cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The American Economy

Authors: Walter Greason, William Gorman

1st Edition

1524902675, 9781524902674

More Books

Students also viewed these Economics questions

Question

=+a) Draw the decision tree.

Answered: 1 week ago