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Question 1 - Chapter 5 - Costs The total costs for Morris Industries are summarized in the following table. Based on this information, fill in

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Question 1 - Chapter 5 - Costs The total costs for Morris Industries are summarized in the following table. Based on this information, fill in the missing entries in the table for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marginal cost. Formula Used Q FC VC TC MC AFC AVC ATC 0 1000 0 1000 20 1000 1000 2000 40 1000 1500 2500 60 1000 3000 4000 80 1000 5000 6000 100 1000 9000 10000 120 1000 14000 15000

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