Assume a firm has fixed costs of $80 and variable costs as indicated in the table below

Economics Mar 02, 2021

Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table.
Total roduct Total variable cost Total cost AFC AVC ATC MC 0 $0 $80 110 150 190 230 $ $ $ 3 180 220 260 300 6 270 340 350 420 440 580 520 660

Expert Solution

Total Product	Total Variable Cost	Total Cost	Total Fixed Cost	Average Fixed Cost	Average Variable Cost	Average Total Cost	Marginal Cost
0	$0	$80	$80	-
1	$110	$190	$80	$80	$110	$190	$110
2	$150	$230	$80	$40	$75	$115	$40
3	$180	$260	$80	$27	$60	$87	$30
4	$220	$300	$80	$20	$55	$75	$40
5	$270	$350	$80	$16	$54	$70	$50
6	$340	$420	$80	$13	$57	$70	$70
7	$440	$520	$80	$11	$63	$74	$100
8	$580	$660	$80	$10	$73	$83	$140

Here,

Average Variable Cost = Total Variable Cost/Product

Average Fixed Cost = Total Fixed Cost/Product

Average Total Cost = Total Cost/Product

Marginal Cost = Change in Total Cost/Change in Total Product

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