Suppose a company has $400 of fixed costs and a constant marginal cost of 10 cents....
- Suppose a company has $400 of fixed costs and a constant marginal cost of 10 cents. What are average total costs (ATC)
(a) Output of 10 units?
(b) Output of 100 units?
(c) Output of 1,000 units?
Homework Answers
Answer
total cost function is
TC=FC+VC
FC=400 and VC=0.1Q
TC=400+0.1Q
ATC=TC/Q=400/Q+0.1
======
(a) Output of 10 units?
ATC(1)=400/10+0.1=40.1
(b) Output of 100 units?
ATC(100)=400/100+0.1=4.1
(c) Output of 1,000 units?
ATC(1000)=400/1000+0.1=0.5
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