Question
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal.
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.
Round your answers to two digits after the decimal.
Quantity | Marginal cost | Fixed cost | Variable cost | Total cost | Average fixed cost | Average variable cost | Average total cost |
---|---|---|---|---|---|---|---|
0 | --- | --- | --- | --- | |||
1 | $50.00 | ||||||
2 | $64.00 | ||||||
3 | $85.00 | ||||||
4 | $30.00 | $380.00 |
What is the total cost when producing zero units?
total cost: $
What is the marginal cost for the first unit?
marginal cost: $
What is the average total cost when producing three units?
average total cost: $
What is the average variable cost when producing four units?
average variable cost: $
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ANSWER To calculate the missed cost data well use the following cost functions Total Cost TC TC Fixe...Get Instant Access to Expert-Tailored Solutions
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Get StartedRecommended Textbook for
Cornerstones Of Cost Management
Authors: Don R. Hansen, Maryanne M. Mowen
3rd Edition
9781305147102, 1285751787, 1305147103, 978-1285751788
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