Consider a firm that has just built a small plant, which cost $4,000. Each unit requires $2.00 worth of materials. Each worker costs $7.00 per hour. Based on this information and using Excel, fill in the missing information in the table below.
Please refer attached file for better clarity of table and formula.
Number of worker hours Output TFC TVC TC MC AFC AVC ATC
0 0 4000 0 ...
Solution describes the formulas and methodology to calculate TFC, AVC, TVC, TC, ATC, ATC and MC for the given firm.