Please refer to the table below to answer questions 1-4 The Total Cost (TC) of p

Question

Please refer to the table below to answer questions 1-4 The Total Cost (TC) of producing 1 unit of output is: $20 $60 $80 There is not enough information to answer this question The Total Variable Cost (TVC) of producing 2 units of output is: $20 $30 $60 There is not enough information to answer this question The Average Cost (AC) of producing 2 units is: $30 $40 $60 There is not enough information to answer this question The Marginal Cost (MC) of producing the third unit of output is $40 $60 $120 There is not enough information to answer this question

Explanation / Answer

This tabe is filled by using formulas

TC=TFC+TVC

MC=TCN-TCN-1

AVC=TVC/Q

AFC=TFC/Q

ATC=TC/Q

ANS 1

c) $80

ans 2

c)$60

ans 3

c)$60

ans 4

c)$120

Q TFC TVC TC MC AFC AVC AC 1 60 20 80 20 60 20 80 2 60 60 120 40 30 30 60 3 60 180 240 120 20 60 80

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