Let F be the fixed cost of produin let VC be the variable co

Let F be the fixed cost of produin, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) VC MC AFC AVC AC $100 $80 $180 $80 $100.00 $80.00 $180.00 100 140 240 6050. 70.00 120.00 100 180 280 40 33.33 60.00 93.33 100 200 300 20 25.00 50.00 75.00 100 240 340 40 20.00 48.00 68.00 100 300 400 06.67 50.00 66.67 100 380 480 14.29 54.29 68.57 100 480 580 100 12.50 60.00 72.50 100 600 700 120 1111 66.67 77.78 100 740 840 140 10.00 74.00 84.00 10

Solution

Solution:

Output

FC

VC

TC

AFC

AVC

AC

1

100

80

180

100.00

80.00

180.00

2

100

140

240

50.00

70.00

120.00

3

100

180

280

33.33

60.00

93.33

4

100

200

300

25.00

50.00

75.00

5

100

240

340

20.00

48.00

68.00

6

100

300

400

16.67

50.00

66.67

7

100

380

480

14.29

54.29

68.57

8

100

480

580

12.50

60.00

72.50

9

100

600

700

11.11

66.67

77.78

10

100

740

840

10.00

74.00

84.00

Explanation:

Formulas used:

FC remains constant

FC+VC = TC

AFC = FC/ Output

AVC = VC/ Output

AC = Total cost/ Output

Output	FC	VC	TC	AFC	AVC	AC
1	100	80	180	100.00	80.00	180.00
2	100	140	240	50.00	70.00	120.00
3	100	180	280	33.33	60.00	93.33
4	100	200	300	25.00	50.00	75.00
5	100	240	340	20.00	48.00	68.00
6	100	300	400	16.67	50.00	66.67
7	100	380	480	14.29	54.29	68.57
8	100	480	580	12.50	60.00	72.50
9	100	600	700	11.11	66.67	77.78
10	100	740	840	10.00	74.00	84.00