If total cost increased from 100 to 150 and total variable cost increased from 80 to 130, what is the total fixed cost?
If total cost increased from 100 to 150 and total variable cost increased from 80 to 130, what is the total fixed cost?
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A firm's output, variable costs, and total costs are given in the table below.
Instructions: Round your answers to the nearest dollar.
a. Calculate marginal cost using the formula given in the chapter:.
|
Quantity |
Variable cost ($) |
Total cost ($) |
Marginal cost ($) |
|
0 |
0 |
100 |
- |
|
10 |
30 |
130 |
Ā |
|
20 |
50 |
150 |
Ā |
|
30 |
80 |
180 |
Ā |
|
40 |
140 |
240 |
Ā |
|
50 |
220 |
320 |
Ā |
Ā
Ā
Ā
Ā
b. Calculate ? variable cost / ? quantity.
|
Quantity |
Variable cost ($) |
Total cost ($) |
? variable cost / ? quantity ($) |
|
0 |
0 |
100 |
Ć¢ĀĀ |
|
10 |
30 |
130 |
Ā |
|
20 |
50 |
150 |
Ā |
|
30 |
80 |
180 |
Ā |
|
40 |
140 |
240 |
Ā |
|
50 |
220 |
320 |
Ā |
Ā
Complete the following table.
|
Units of output (Q) |
Total Cost (TC) |
Total Fixed Cost (TFC) |
Total Variable Cost (TVC) |
Average Variable Cost (AVC) |
Average Total Cost (ATC) |
Marginal Cost (MC) |
|
0 |
$100 |
$100 |
$0 |
NA |
NA |
NA |
|
1 |
$130 |
$100 |
Ā | Ā | Ā | Ā |
|
2 |
$150 |
$100 |
Ā | Ā | Ā | Ā |
|
3 |
$160 |
$100 |
Ā | Ā | Ā | Ā |
|
4 |
$172 |
$100 |
Ā | Ā | Ā | Ā |
|
5 |
$185 |
$100 |
Ā | Ā | Ā | Ā |
|
6 |
$210 |
$100 |
Ā | Ā | Ā | Ā |
|
7 |
$240 |
$100 |
Ā | Ā | Ā | Ā |
|
8 |
$280 |
$100 |
Ā | Ā | Ā | Ā |
|
9 |
$330 |
$100 |
Ā | Ā | Ā | Ā |
|
10 |
$390 |
$100 |
Ā | Ā | Ā | Ā |
Ā
Calculate total fixed cost and total variable cost from the following data:
|
output |
cost |
|
0 |
$100 |
|
1 |
150 |
|
2 |
225 |
|
3 |
230 |
|
4 |
300 |
|
5 |
400 |
