Question

Can you show me how to to and expain to me how to conplete this table?!

L Complete the following cost table describing the short run costs for Magenta Magnets: ti 10 Total Product (magnets) Total Fixed Costs (TFC) Total Variable Costs (TVC) Total Costs (TC) $100 Average Variable Costs (AVC) Average Total Costs (ATC) Marginal Cost (MC) $0 $30 $30 20 25 20 18 21 24 218 How do you know this is the short run? Explain

complete and tell me how what to do?

Answer 1

TP	TFC	TVC	TC	AVC	ATC	MC
0	100	0	100
1	100	30	130	30	130	30
2	100	50	150	25	75	20
3	100	60	160	20	53.3	10
4	100	64	164	16	41	4
5	100	90	190	18	38	26
6	100	126	226	21	37.7	36
7	100	168	268	24	38.3	42
8	100	218	318	27.25	39.8	50

TVC=AVC*Q

TFC=First of total cost

TC=TFC+TVC

AVC=VC/Q

ATC=TC/Q

MC=change in TC/change in Q

This is short run as there are fixed costs.In the long run, all the costs are variable