3 Complete the following table six points Total Average Tota

3. Complete the following table (six points): Total Average Total Average Total Average |Mardinal Quantity Flxed FixedVarlable Varlable CostTotalCost Output CostCostCostCost (units dollars) dollars) dollars) (dollars) (dollars) (dollars) (dollars) Cost $50 SO 10 $50 $20 25 $50 $40 45 $50 $60 60 $50 70 $50 $100

Solution

Formula Used as follows to arrive at the numbers below:

Average Fixed Cost (AFC) = Total Fixed Cost (TFC)/ Quantity

Average Variable Cost (AVC) = Total Variable Cost (TVC)/ Quantity

Total Cost (TC) = Total Fixed Cost (TFC) + Total Variable Cost (TVC)

Average Total Cost (ATC) = Total Cost (TC)/ Quantity

Marginal Cost = Change in Total Cost/ Change in Quantity

Quantity/ Output	TFC	AFC	TVC	AVC	TC	ATC	MC
0	$50	$-	$-	$-	$50.00	$-	$-
10	$50	$5.00	$20	$2.00	$70.00	$7.00	$7.00
25	$50	$2.00	$40	$1.60	$90.00	$3.60	$1.33
45	$50	$1.11	$60	$1.33	$110.00	$2.44	$1.00
60	$50	$0.83	$80	$1.33	$130.00	$2.17	$1.33
70	$50	$0.71	$100	$1.43	$150.00	$2.14	$2.00