ib-economics-quantitative

In the table above, the TFC of producing 70 units is 4 machines x $100 = $400.In the table above, the TVC of producing 70 units is 4 workers x $200 = $800.In the table above, the TC of producing 70 units is TFC + TVC = $400 + $800 =$1,200.In the table above, the AFC of producing 70 units is $400 = $5.71.70In the table above, the AVC of producing 70 units is $800 = $11.43.70In the table above, the ATC of producing 70 units is $1200 = $17.14.70In the table above, the ATC of producing 70 units is AFC + AVC = $17.14In the table above, the MC of producing 70 units is 1200 - 1000 = 200 = $8.70 – 45 25Now you have a go!!Question 5.2In the table above, on page 28, calculate and fill in all of the missing cost values.Calculate total revenue, average revenue and marginal revenue from a set of data.Step 1If you are given a table that is incomplete, you need to calculate the revenue figures that aremissing, using the appropriate equations:Produced by Ian Dorton & Jocelyn Blink Page 35