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6 Oct 2020
Construct the cost schedule using the data below for a firm operating in the short run. Graph the average variable cost, the average total cost, and marginal cost curves.
Total Output (Q)
Total fixed cost (TFC) (in $)
Total variable cost (TVC) (in $)
Total cost (TC) (in $)
Marginal cost (MC) (in $)
Average fixed cost (AFC) (in $)
Average variable cost (AVC) (in $)
Average total cost (ATC) (in $)
0
50
50
1
70
2
85
3
95
4
100
5
110
6
130
7
165
8
215
9
275
Construct the cost schedule using the data below for a firm operating in the short run. Graph the average variable cost, the average total cost, and marginal cost curves.
| Total Output (Q) | Total fixed cost (TFC) (in $) | Total variable cost (TVC) (in $) | Total cost (TC) (in $) | Marginal cost (MC) (in $) | Average fixed cost (AFC) (in $) | Average variable cost (AVC) (in $) | Average total cost (ATC) (in $) |
| 0 | 50 | 50 | |||||
| 1 | 70 | ||||||
| 2 | 85 | ||||||
| 3 | 95 | ||||||
| 4 | 100 | ||||||
| 5 | 110 | ||||||
| 6 | 130 | ||||||
| 7 | 165 | ||||||
| 8 | 215 | ||||||
| 9 | 275 |
Sonia DhawanLv10
30 Oct 2020
Related textbook solutions
Related questions
Short-Run Cost Puzzle
| Total Product | Total Fixed Cost | Total Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal Cost |
| 0 | ? | 0 | ? | ||||
| 40 | |||||||
| 1 | |||||||
| 2 | 115 | 20 | |||||
| 30 | |||||||
| 3 | 35 | 48.33 | |||||
| 25 | |||||||
| 4 | 32.50 | ||||||
| 5 | 8 | 33 | |||||
| 6 | 255 | 42.50 |
Use the definitions for TFC, TVC, TC, AFC, AVC, ATC and SMC along with the data provided above to fill in the missing values. Use space below for worksheet.
? means infinitely large. Applicable relationships are:
SAC = AFC + AVC
? ? ?
STC TFC TVC
??? = ??? + ???
Q Q Q
DTVC DTC
SMC = ???? = ???
DQ DQ
