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costs for a firm

Question:

 (a)       Complete the following table of costs for a firm.  (Note: enter the figures in the MC  column between outputs of  0 and 1, 1 and 2, 2 and 3, etc.) 

Output (Units)

TC  ($)

AC  ($)

MC  ($)

0

55

-



30

1

85

85



25

2

110

55



20

3

130

43.3333333



30

4

160

40



50

5

210

42



70

6

280

46.6666667



90

7

370

52.8571429



110

8

480

60



130

9

610




150

10

760

76

(b)    How much is total fixed cost at:

            (i)         an output of 0 units ?

            (ii)        an output of 6 units?

(c)    How much is average fixed cost at:

            (i)         an output of 5 units?    

            (ii)        an output of 10 units?  

(d)   How much is total variable cost at an output of 5 units?

(e)   How much is average variable cost at an output of 10 units?

Answer:

(b)

i)    55

ii)   55

(c)

(i) 55/5 = 11

(ii) 55/10 = 5.5

d) 210 - 55 = 155

e) 76- 5.5 = 20.5

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