Using the given total cost schedule below, answer the following questions. A. When output is 10,...
Question:
Using the given total cost schedule below, answer the following questions.
| Output | Total Cost ($) |
|---|---|
| 0 | 10.00 |
| 1 | 19.76 |
| 2 | 29.06 |
| 3 | 37.90 |
| 4 | 46.31 |
| 5 | 54.30 |
A. When output is 10, what is the total variable cost?
B. When output is 20, what is the average fixed cost?
C. When output is 30, what is the average variable cost?
D. When output is 40, what is the average total cost?
E. When output is 50, what is the marginal cost?
Total Costs:
The cost is the expenditure which goes in production of goods and services. The cost can be of various types which may or may not be interlinked with each other. While taking decisions the costs which is considered are: Variable costs, marginal costs and fixed costs.
Answer and Explanation: 1
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View this answerUsing the given total cost schedule below, answer the following questions.
| Output | Total Cost ($) | Fixed Cost | Average Fixed Cost | Variable Cost | Average... |
|---|
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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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