Business, 02.12.2020 16:40 rubes08

Given the cost information below, answer the following questions. Output Total Cost 0 $20 10 98.1 20 140.8 30 160.7 40 170.4 50 182.5 Instructions: Round your answers to 2 decimal places. a. When output is 10, total variable cost is $ . b. When output is 20, average fixed cost is $ . c. When output is 30, average variable cost is $ . d. When output is 40, average total cost is $ . e. When output is 50, marginal cost is $ .

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Answer from: billy1123

a. When output is 10, total variable cost is $78.10.

b. When output is 20, average fixed cost is $1.00.

c. When output is 30, average variable cost is $4.69.

d. When output is 40, average total cost is $4.26.

e. When output is 50, marginal cost is $1.21.

Explanation:

Note: Data in this question are merged together. They are therefore sorted before answering the question as follows:

Output Total Cost

0 $20

10 98.1

20 140.8

30 160.7

40 170.4

50 182.5

The explanation of the answers is now given as follows:

a. When output is 10, total variable cost is $

Fixed cost = Total cost when output is 0 = $20

Total variable cost when output is 10 = Total cost when output is 10 - Fixed cost = $98.1 - $20 = $78.10

b. When output is 20, average fixed cost is $

Fixed cost = Total cost when output is 0 = $20

Average fixed cost when output is 20 = Fixed cost / 20 = $20 / 20 = $1.00

c. When output is 30, average variable cost is $

Fixed cost = Total cost when output is 0 = $20.00

Total variable cost when output is 30 = Total cost when output is 30 - Fixed cost = $160.7 - $20 = $140.7

Average variable cost when output is 30 = Total variable cost when output is 30 / 30 = $140.7 / 30 = $4.69

d. When output is 40, average total cost is $

Average total cost when output is 40 = Total cost when output is 40 / 40 = $170.4 / 40 = $4.26

e. When output is 50, marginal cost is $

Marginal cost when output is 5 = (Total cost when output is 50 - Total cost when output is 40) / (50 - 40) = ($182.5 - $170.4) / 10 = $12.10 / 10 = $1.21

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