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    Production Costs, Variable and Fixed

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    A firm has a fixed cost of $60 and variable costs as shown in the table below. Complete the table below. I just need some direction and input as to how I can find the answers that fall under the particular headings. Thanks a lot

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    Solution Preview

    I've completed the table using Excel formulae in the Excel file I'm attaching. These are the formulae that you need to use for these kind of exercises:

    TFC (Total Fixed Costs) = $60 always. Fixed costs are fixed precisely because they don't change with the number of units produced.

    TVC (Total Variable Costs) = (given in the table)

    TC (Total Costs) = This is ...

    Solution Summary

    Production Costs are noted.