|OUTPUT |TOTAL COST |0 |10 |1 |20 |2 |28 |3 |38 |4 |53 |5 |73 |6 |99 a. What are variable...

Question:

OUTPUT TOTAL COST
0 10
1 20
2 28
3 38
4 53
5 73
6 99

a. What are variable costs of producing 5 units?

b. What is average total cost of producing 3 units?

c. What is average fixed cost of producing 4 units?

d. What is the marginal cost of producing the 2nd unit?

e. What is the amount of fixed costs?

f. What is average variable cost of producing 1 unit?

Cost of Production:

The cost of production is the total cost incurred in using various inputs like land, labor, capital, and entrepreneur. Total cost is the sum of variable cost and fixed cost. The variable cost changes with an increase in output while the fixed cost remains constant.

Answer and Explanation: 1

Become a Study.com member to unlock this answer!

View this answer

Q TC FC VC MC ATC AFC AVC
0 10 10 0
1 20 10 10 10 20 10 10
2 28 10 18 8 14 5 9
3 38 10 28 10 12.67 3.33 9.33
4 53 10 43 15 13.25 2.5 10.75
5 73 1...

See full answer below.


Learn more about this topic:

Loading...
Average Total Cost: Definition & Formula

from

Chapter 3 / Lesson 23
58K

Learn what is the average total cost. Learn its use, its formula, and how to apply it.


Related to this Question

Explore our homework questions and answers library