Asked by Amber Harris on Jun 14, 2024
Verified
Complete the following table:
Total Variable Fixed Marginal
Output Cost Cost Cost Cost
0 60
1 10
2 90
3 100
4 80
5 180
6 50
Marginal Cost
The cost added by producing one extra item of a product, essentially the change in total cost that arises when the quantity produced changes by one unit.
Variable Cost
Costs that vary directly with the level of production output, such as raw materials and direct labor costs.
Fixed Cost
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance.
- Master and implement the concepts of cost, encompassing variable, fixed, marginal, average, average variable, and average fixed costs.
- Analyze and interpret the elements of cost functions, including total cost, average cost, and marginal cost, from the presented data or mathematical equations.
Verified Answer
HV
Hemangi VaghelaJun 17, 2024
Final Answer :
Total Variable Fixed Marginal
Output Cost Cost Cost Cost
0 60 0 60 -
1 70 10 60 10
2 90 30 60 20
3 110 50 60 20
4 140 80 60 30
5 180 120 60 40
6 230 170 60 50
Output Cost Cost Cost Cost
0 60 0 60 -
1 70 10 60 10
2 90 30 60 20
3 110 50 60 20
4 140 80 60 30
5 180 120 60 40
6 230 170 60 50
Learning Objectives
- Master and implement the concepts of cost, encompassing variable, fixed, marginal, average, average variable, and average fixed costs.
- Analyze and interpret the elements of cost functions, including total cost, average cost, and marginal cost, from the presented data or mathematical equations.