Economics

Class Work November 13, 2020

Complete the table below and use the data to construct the cost curves.

Output FC VC TC AFC AVC ATC MC

0 10 0 10 0 0 0 0

1 10 10 20 10 10 20 10

2 10 17 27 5 8.5 13.5 7

3 10 25 35 3.3 8.33 11.6 8

4 10 40 50 2.5 10 12.5 15

5 10 60 70 2 12 14 20

6 10 110 120 1.6 18.33 20 50

1. What is the Marginal, Average variable, Average Total and Average Fixed cost of producing 5
units of outputs.

Marginal cost for 5 units 20

Average Variable cost for 5 units 12

Average Total cost for 5 units