Fill in the blanks in the following spreadsheet showing the short-run costs for
ID: 1212132 • Letter: F
Question
Fill in the blanks in the following spreadsheet showing the short-run costs for a firm. Use the completed spreadsheet to answer multiple choice questions 1-5. Completion of the spreadsheet is worth 10 points. You may either fill in this spreadsheet or place your spreadsheet in the Drop Box.
Q
Total Cost
Total Fixed Cost
Total Variable Cost
Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost
0
40
1
40
2
35
3
43.33
4
116
1.
What is total fixed cost?
a. 80b. 40c. 20d. Cannot be determinede. None of the above
2.
What is total cost when Q=1?
a. 80b. 35c. 40d. 20e. None of the above
3.
What is average total cost when Q=2?
a. 35b. 40c. 55d. 110e. None of the above
4.
What is marginal cost when Q=3?
a. 30b. 10c. 15d. 130e. None of the above
5.
What is marginal cost when Q=4?
a. 26b. 10c. 13.33d. 8.67e. 156
Q
Total Cost
Total Fixed Cost
Total Variable Cost
Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost
0
40
1
40
2
35
3
43.33
4
116
Explanation / Answer
1)
b. 40
2)
a. 80
3)
c. 55
4)
e. None of the above
5) a. 26
Total Cost Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0 40 40 0 1 80 40 40 40 40 80 40 2 110 40 70 20 35 55 30 3 130 40 90 13.33 30 43.33 20 4 156 40 116 10 29 39 26Related Questions
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