ECON 2000 Study Guide - Midterm Guide: Variable Cost, Fixed Cost, Marginal Cost

34 views2 pages

viridianpug644

2 Jul 2014

School

Department

Course

Professor

For unlimited access to Study Guides, a Grade+ subscription is required.

Related Questions

Fill in the table below. Assume TC stands for Total Cost, TFC asTotal Fixed Cost, TVC as Total Variable Cost, ATC as Average TotalCost, AFC as Average Fixed Cost, AVC as Average Variable Cost, andMC as Marginal Cost.

Unit
of
Output TC TFC TVC ATC AFC AVC MC
-------------------------------------------------------------------------------------------------------

0 20
1 1
2 3
3 4
4 12
5 75
6 16
7 24
8 86
9 360

magentahound119

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