Use the definitions for TFC, TVC, TC, AFC, AVC, ATC, and SMC along with the data provided below to fill in the missing

Question

Use the definitions for TFC, TVC, TC, AFC, AVC, ATC, and SMC along with the data provided below to fill in the missing values. Short run cross puzzle Total product Total fixed cost Total variable cost Total cost Average fixed cost Average variable cost Average total cost Marginal cost 0 60 ∞∞ 0 45 1 60 105 2 145 42.50 35 3 4 150 5 190 50 6 295

Help In Homework · Accepted Answer

The table below shows all values filled in. The steps taken to fill in this table are: When there are no units produced, there is no variable cost, so the total cost (60) is equal to the fixed cost. The fixed cost is then the same for all output, so this can be filled in for all quantities. The marginal cost is the additional cost of an additional unit of output and is equal to the change in the total cost divided by the change in the quantity. So if the marginal cost of the first unit is $45, then the total cost increases by $45 as output increases from 0 units to 1. The total variable costs of the 1st, 2nd and 6th units are then equal to the total cost minus the fixed cost. The total costs of the 4th and 5th units are equal to the total fixed cost plus the total variable cost. The total cost of the 3rd unit is equal to the total cost of the 2nd unit ($145) plus the marginal cost of the 3rd unit ($35). The total variable costs of the 3rd unit is equal to the total cost minus the fixed cost. For each unit, the average fixed cost is equal to the total fixed cost divided by the quantity. For each unit, the average variable cost is equal to the total variable cost divided by the quantity. For each unit, the average total cost is equal to the total cost divided by the quantity. For each unit, the marginal cost is equal to the change in the total cost divided by the quantity (which is one for all units). TP TFC TVC TC AFC AVC ATC MC 0 60 0 60 - - - - 1 60 45 105 60 45 105 45 2 60

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Use the definitions for TFC, TVC, TC, AFC, AVC, ATC, and SMC along with the data provided below to fill in the missing values

Expert Solution

Archived Solution

Total product	Total fixed cost	Total variable cost	Total cost	Average fixed cost	Average variable cost	Average total cost	Marginal cost
0			60	∞∞	0
							45
1			60			105

2			145		42.50
							35
3

4		150

5		190				50

6			295

TP	TFC	TVC	TC	AFC	AVC	ATC	MC
0	60	0	60	-	-	-	-
1	60	45	105	60	45	105	45
2	60	85	145	30	42.5	72.5	40
3	60	120	180	20	40	60	35
4	60	150	210	15	37.5	52.5	30
5	60	190	250	12	38	50	40
6	60	235	295	10	39.17	49.17	45