Suppose that your colleague has accidentally spilled coffee on his laptop and th

Question

Suppose that your colleague has accidentally spilled coffee on his laptop and the file containing your firm's cost data has been damaged. Use your knowledge of cost functions to save the day (and your friend's job) by determining the missing cost data. Round your answers to 2 digits after the decimal. QuantityMarginal Cost Fixed Cost Variable Cost Total Cost AFC AVC ATC $45.00 $72.00 $105.00 $30.00 $400.00 What is the total cost when producing zero units? What is the marginal cost for What is the average total cost of the 3rd unit? What is the average variable cost for the 4th unit? Number Number Number Number

Explanation / Answer

As it can be seen in the table

TC when producing zero units of output is $30.

MC of the first unit is $45.

ATC of the third unit is $69

AVC of 4th unit is $92.5

Q MC FC VC TC AFC AVC ATC 0 - 30 - 30 - - - 1 45 30 45 75 30 45 75 2 27 30 72 102 15 36 51 3 105 30 177 207 10 59 69 4 193 30 370 400 7.5 92.5 100

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