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Fill in the missing values in the following table
Fill in the missing values in the following table.
| Cases of LED light bulbs produced in an hour | Total Costs ($) | Variable Costs ($) | Average Variable Costs ($) | Average Total Costs ($) | Average Fixed Costs ($) |
|---|---|---|---|---|---|
| 0 | 4,500 | - | - | - | - |
| 10 | 4,900 | ||||
| 20 | 5,100 | ||||
| 30 | 5,300 | ||||
| 40 | 5,400 | ||||
| 50 | 5,700 | ||||
| 60 | 6,700 | ||||
| 70 | 7,900 | ||||
| 80 | 9,700 | ||||
| 90 | 11,800 |
Given the information you computed in the table, what is the output level with the minimum costs? Explain why.
Expert Solution
At least the cost output level the average total cost is at its minimum. In the table above the ATC is at its minimum when 60 bulbs are produced every hour. So we can say that the minimum cost output level is 60 bulbs for each hour.
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