I have this short-run total cost function TC(x) = 25x + 100, and x is the quantity produced.
a) Find the Fixed Cost of production: FC=
b) Find Variable Cost production: VC(x)=
c) Find the equation for Average Fixed Cost: AFC(x)=
d) Find the equation for Average Variable Cost: AVC(x)=
e) Show the equation for Average Cost: AC(x)=
f) Show the equation for Average Cost of producing x=10 units of output: AC(10)=
g) Find the Marginal Cost of production: MC(x)=
I have this short-run total cost function TC(x) = 25x + 100, and x is the quantity produced.
a) Find the Fixed Cost of production: FC=
b) Find Variable Cost production: VC(x)=
c) Find the equation for Average Fixed Cost: AFC(x)=
d) Find the equation for Average Variable Cost: AVC(x)=
e) Show the equation for Average Cost: AC(x)=
f) Show the equation for Average Cost of producing x=10 units of output: AC(10)=
g) Find the Marginal Cost of production: MC(x)=
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Related questions
2. Complete the following cost table:
|
Q |
FC |
VC |
TC |
MC |
AFC |
AVC |
ATC |
|
0 |
Ā | Ā | Ā |
- |
- |
- |
- |
|
1 |
Ā | Ā | Ā |
10 |
Ā | Ā | Ā |
|
2 |
Ā |
18 |
Ā | Ā |
5 |
Ā | Ā |
|
3 |
Ā |
23 |
Ā | Ā | Ā | Ā | Ā |
|
4 |
Ā | Ā | Ā | Ā | Ā |
6.5 |
Ā |
where FC is fixed cost, VC is variable cost, TC is total cost, MC is marginal cost, AFC is average fixed cost, AVC is average variable cost, and ATC is average total cost.
A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed cost, variable cost, total cost, average fixed cost, the average variable cost, and marginal cost at all relevant levels of output.
Instruction: Round your answers for Average Fixed Cost (AFC) and Average Variable Cost (AVC) to 2 decimal places.
|
Q |
FC |
VC |
TC |
AFC |
AVC |
ATC |
MC |
|
0 |
$15,000 |
Ā | Ā |
- |
- |
- |
- |
|
100 |
Ā | Ā | Ā | Ā | Ā |
300 |
Ā |
|
200 |
Ā | Ā | Ā | Ā | Ā |
200 |
Ā |
|
300 |
Ā | Ā | Ā | Ā | Ā |
175 |
Ā |
|
400 |
Ā | Ā | Ā | Ā | Ā |
225 |
Ā |
|
500 |
Ā | Ā | Ā | Ā | Ā |
325 |
Ā |
|
600 |
Ā | Ā | Ā | Ā | Ā |
400 |
Ā |
Construct the total cost schedule using data below for a firm operating in the short-run.
| Total Output (Q) | Total fixed cost (TFC) | Total variable cost (TVC) | Total cost (TC) | Marginal Cost (MC) | Average fixed cost (AFC) | Average variable cost (AVC) | Average total cost (ATC) |
| 0 | 50 | 0 | 50 | Ā | Ā | Ā | Ā |
| 1 | Ā | Ā | 70 | Ā | Ā | Ā | Ā |
| 2 | Ā | Ā | 85 | Ā | Ā | Ā | Ā |
| 3 | Ā | Ā | 95 | Ā | Ā | Ā | Ā |
| 4 | Ā | Ā | 100 | Ā | Ā | Ā | Ā |
| 5 | Ā | Ā | 110 | Ā | Ā | Ā | Ā |
| 6 | Ā | Ā | 130 | Ā | Ā | Ā | Ā |
| 7 | Ā | Ā | 165 | Ā | Ā | Ā | Ā |
| 8 | Ā | Ā | 215 | Ā | Ā | Ā | Ā |
| 9 | Ā | Ā | 275 | Ā | Ā | Ā | Ā |