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Sebastian Muffler, Inc. operates an automobile service facility. The table below shows the cost incurred during a month when 500 mufflers were replaced. Number of

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Sebastian Muffler, Inc. operates an automobile service facility. The table below shows the cost incurred during a month when 500 mufflers were replaced. Number of Muffler Replacements 400 500 600 Total costs: Fixed costs Variable costs Total costs A B E $9.000 6,000 $15.000 D F Cost per muffler replacement: Fixed cost Variable cost Total cost per muffler replacement G J M H K N I L O Required: Fill in the missing amounts, labeled A through o, in the table above. Part 3: The following terms are used to describe various economic characteristics of costs: Opportunity cost Out-of-pocket cost Sunk cost Differential cost Marginal cost Average cost Required: Choose one of the preceding terms to characterize each of the amounts described below. Each term may be used only once. A. The cost of including one extra child in a day-care center. B. The cost of merchandise inventory purchased five years ago. The goods are now obsolete. C. The cost of feeding 300 children in a public school cafeteria is $450 per day, or $1.50 per child per day. What economic term describes this $1.50 cost? D. The management of a high-rise office building uses 3,000 square feet of space in the building for its own administrative functions. This space could be rented for $30,000. What economic term describes this $30,000 of lost rental revenue? E. The cost of building an automated assembly line in a factory is $700,000; a manually operated assembly line would cost $250,000. What economic term is used to describe the $450,000 variation between these two amounts? F. Refer to the preceding question and assume that the firm is currently building the assembly line for $700,000. What economic term is used to describe the $700,000 construction cost

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