Quantity (Q) Total Fixed Cost (TFC) Total Variable Cost (TVC) Total Cost (TC) Marginal Cost (MC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Average Total Cost (ATC) 0 15 --- --- --- 1 15 25 25 15 25 40 2 15 70 7.5 27.5 35 3 15 95 110 5 36.7 4 150 165 55 3.8 37.5 41.3 5 15 220 235 44 47 6 15 295 310 2.5 49.2 Directions: Provide an answer in each empty cell and then check your answers. Be sure to press <enter> after editing a cell so that your answer is properly recorded. You must round your answers to the nearest whole number.
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Step 2: Total Cost (TC) = Total Fixed Cost (TFC) + Total Variable Cost (TVC) For Q=0, TC = 15 + 0 = 15 For Q=2, TVC = TC - TFC = 70 - 15 = 55 For Q=4, TVC = TC - TFC = 165 - 15 = 150 For Q=5, MC = TC(Q=5) - TC(Q=4) = 235 - 165 = 70 For Q=6, MC = TC(Q=6) - TC(Q=5) Show more…
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