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Fill in the blanks in the following table, where Q is units of output, FC is fixed cost, VC is variable cost, TC is total cost, MC is marginal cost, AFC is average fixed cost, AVC is average variable

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The following is the filled table, where Q is units of output, FC is fixed cost, VC is variable cost, TC is total cost, MC is marginal cost, AFC is average fixed cost, AVC is average variable cost. Output (Q) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Marginal Cost (MC) Average Fixed Cost (AFC) Average Variable Cost (AVC) 0 $ 600 $ 0 $ 600 - - - 1 600 200 800 200 600 200 2 600 350 950 150 300 475 3 600 450 1050 100 200 350 4 600 550 1150 100 150 287.5 5 600 700 1300 150 120 260 6 600 900 1500 200 100 250 7 600 1200 1800 300 85.7 257.14 8 600 1700 2300 500 100 287.5 9 600 2700 3300 1000 200 366.67 10 600 4200 4800 1500 300 480AFC = FC/Q, AVC = VC/Q, TC = FC + VC.QTherefore,FC/Q = AFC, VC/Q = AVC, TC/Q = AC.Let's define each of the terms used in the table;Output (Q) - This is the units of productionFixed Cost (FC) - These are the costs that do not vary with the level of outputVariable Cost (VC) - These are the costs that vary with the level of outputTotal Cost (TC) - These are the total costs incurred to produce a specific output levelMarginal Cost (MC) - This is the change in total cost resulting from an additional unit of production.Average Fixed Cost (AFC) - This is the fixed cost per unit of productionAverage Variable Cost (AVC) - This is the variable cost per unit of productionTherefore, the above table is the filled form of the cost schedule or table where all the terms of the cost analysis are defined and analyzed.

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User Rinold Simon
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