The table below outlines some data obtained from a firm's research on their costs when producing certain
Question:
The table below outlines some data obtained from a firm's research on their costs when producing certain quantities of output. The firm has a fixed cost of $7,000 for the following data. Complete the following question. (If necessary round your answers to two decimal places.) a)Fill in the blanks in the following table.
Units ofOutput
Total FixedCost
TotalVariableCost
Total Cost
MarginalCost
AverageFixed Cost
AverageVariableCost
AverageTotal Cost
500010,000--000600010,8000000700011,2000000800012,00000001200015,60000001600019,20000001800023,40000002400036,0000000
b)Graph your answer for total fixed cost on the graph below. Select the curve you wish to graph from the drop-down box at the top of the graph. (You must plot all points to receive full marks.)
Total Fixed Cost
c)Graph all your answers for average total cost, and marginal cost on the graph below. Select the curve you wish to graph from the drop-down box at the top of the graph. (You must plot all points to receive full marks.)
Marginal Cost