A firm has fixed costs of $60 and variable costs as indicated in the table below. Complete the...
Question:
A firm has fixed costs of $60 and variable costs as indicated in the table below. Complete the table.
| Total Product | Total Fixed Cost ($) | Total Variable Cost ($) | Total Cost ($) | Average Fixed Cost ($) | Average Variable Cost ($) | Average Total Cost ($) | Marginal Cost ($) |
|---|---|---|---|---|---|---|---|
| 0 | 0 | ||||||
| 1 | 45 | ||||||
| 2 | 85 | ||||||
| 3 | 120 | ||||||
| 4 | 150 | ||||||
| 5 | 185 | ||||||
| 6 | 225 | ||||||
| 7 | 270 | ||||||
| 8 | 325 | ||||||
| 9 | 390 | ||||||
| 10 | 465 |
Different Types of Costs:
In economics, the total cost is what you would think - all of the costs of production added together. The total can be divided into fixed costs that don't change with the level of output, and variable costs, which rise as more units are produced. Finally, the marginal cost is the change in the total cost of producing the last unit of output.
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How Marginal Costs Differ from Average & Total Costs
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Chapter 4 / Lesson 9
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Marginal costs are the costs it takes to produce different amounts of a given product. Learn how to calculate marginal costs, total costs, and average costs, and the ways that these are used to determine an ideal price per unit of a good.
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