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Short-run average cost curve

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Complete the following table (round each answer to the nearest whole number):

Total Variable Fixed Marginal Average Avg. Avg. Fixed
Var.
Output Cost Cost Cost Cost Cost Cost Cost
0
1 5
2 30
3 13
4 105 10
5 110
6 50

Complete the table then draw the following curves (on a single graph)
• Short-run average cost curve;
• Short-run marginal cost curve

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Solution Summary

Total Cost is demonstrated for short-run average cost curves.

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Explanation

Fixed cost is the cost incurred even if there is no output.

If we refer to the given values in the tables, ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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