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Complete the production function chart below
Complete the production function chart below.
| Quantity (Q) | Price (P) | Total Cost (TC) | Total Fixed Cost (TFC) | Total Variable Cost (TVC) | Average Total Cost (ATC) | Average Variable Cost (AVC) |
| 0 | 8 | 50 | ||||
| 5 | 7.8 | 78 | ||||
| 10 | 7.6 | 109 | ||||
| 15 | 7.4 | 124 | ||||
| 20 | 7.2 | 141 | ||||
| 25 | 7 | 160 |
Expert Solution
At 0 units, Total cost = 50, hence Fixed cost = 50
Total Variable Cost (TVC) = Total Cost (TC) -Total Fixed Cost (TFC)
Average Total Cost = Total Cost / Output
Average Variable Cost (AVC) = Variable Cost / output
| Quantity (Q) | Price (P) | Total Cost (TC) | Total Fixed Cost (TFC) | Total Variable Cost (TVC) | Average Total Cost (ATC) | Average Variable Cost (AVC) |
|---|---|---|---|---|---|---|
| 0 | 8 | 50 | 50 | 50-50 = 0 | 50/0 = 0 | 0/0 = 0 |
| 5 | 7.8 | 78 | 50 | 78-50 = 28 | 78/5 = 15.6 | 28/5 = 5.6 |
| 10 | 7.6 | 109 | 50 | 109-50 = 59 | 109/10 = 10.9 | 59/10 = 5.9 |
| 15 | 7.4 | 124 | 50 | 124-50 = 74 | 124/15 = 8.27 | 74/15 = 4.93 |
| 20 | 7.2 | 141 | 50 | 141-50 = 91 | 141/20 = 7.05 | 91/20 = 4.55 |
| 25 | 7 | 160 | 50 | 160-50 = 110 | 160/25 = 6.4 | 110/25 = 4.4 |
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