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  3. complete the following q w l tvc tfc tc avc...

Question: complete the following q w l tvc tfc tc avc...

Question details

Complete the following:         Q         W          L         TVC          TFC         TC          AVC          AFC          ATC          MC

                                               100     50         10        ____         100          ____      ____          ____         ____            X  

                                               150     50          20       ____         ____       ____      ____          ____         ____          ____

                                               200     50          30       ____         ____        ____      ____          ____         ____         ____

Where: Q = output in tons, W = $50 per work shift,  L = number of workers, Total Variable Cost (TVC) = W X L, Total Fixed Costs (TFC) = a given, the same at all output (Q) levels, Total Cost (TC) = TVC + TFC, Average Variable cost (AVC) = TVC/Q, Average Fixed Costs (AFC) = TFC/Q, Average Total Cost (ATC) = AVC + AFC, Marginal Cost (MC) = Change in TVC/ Change in Q

Note that the 'X' in the MC column indicates that a value cannot be calculated for that space.

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