# Calculating Total, average and marginal costs

A firm has fixed costs of $60 and variable costs as indicated in the table on the attached Excel spreadsheet. Complete the table and check the calculations.

Total Product Total Fixed Cost Total Variable Cost

0 $0

1 45

2 85

3 120

4 150

5 185

6 225

7 270

8 325

9 390

10 465

#### Solution Preview

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Solution:

Total Product Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost

Q TFC TVC TC=TFC+TVC AFC=TFC/Q AVC=TVC/Q

0 60 $0 $60 - -

1 60 45 ...

#### Solution Summary

Solution describes the steps and formulas for calculating total fixed cost, total variable cost, total cost, average variable cost, average fixed cost average total costs and marginal costs.