The cost table below has enough information for you to completely...

Question

# The cost table below has enough information for you to completely...

The cost table below has enough information for you to completely fill out the 26 blank cells in the five rows (associated with output of Q=0, 1, 2, 3, 4). Here is a hint: at Q=4 you are told that AFC is \$24.  Since AFC=FC/Q and thus FC=AFC*Q, you know that FC must be  \$24*4=\$96. And, of course, FC is the same for all output levels, including zero. Now you have the first column completed!

Note: Please round your answers to a whole (integer) number; enter whole (integer) answers only; and do not include a \$ (dollar) sign. For example, for \$96.00 you will enter 96. Please use the scroll bar to view the entire eight columns of the table.

Abbreviations used: Q (quantity), FC (Fixed Cost), VC (Variable Cost), TC (Total Cost), MC (Marginal Cost), AFC (Average Fixed Cost), AVC (Average Variable Cost), ATC (Average Total Cost)

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