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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