Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below shows the information on output and cost for a firm [NO 7] Output (unit) Fixed cost (RM) Variable cost (RM) Total cost

The table below shows the information on output and cost for a firm [NO 7]

Output (unit)

Fixed cost (RM)

Variable cost (RM)

Total cost (RM)

Marginal cost (RM)

Average variable cost (RM)

Average total cost (RM)

0

600

1)

600

10

600

2)

1050

12)

22)

32)

20

600

3)

1450

13)

23)

33)

30

600

4)

1800

14)

24)

34)

40

600

5)

2100

15)

25)

35)

50

600

6)

2450

16)

26)

36)

60

600

7)

2850

17)

27)

37)

70

600

8)

3300

18)

28)

38)

80

600

9)

3850

19)

29)

39)

90

600

10

4500

20)

30)

40)

100

600

11)

5250

21)

31)

41)

Provide your answer up to two decimal places.

(20 marks)

Complete the table above by calculating the variable cost, marginal cost, average variable cost and average 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

Step: 3

blur-text-image

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

Public Policies For Environmental Protection

Authors: Paul R Portney

1st Edition

1317310144, 9781317310143

More Books

Students also viewed these Economics questions

Question

1. Speak privately if possible; dont threaten.

Answered: 1 week ago

Question

3. What is my goal?

Answered: 1 week ago

Question

2. I try to be as logical as possible

Answered: 1 week ago