Chapter 21 How Cost of Production Affects Supply Homework Questions
1. Below each variable place its formula, finish the chart, and graph the results.
| Units Produced (1) |
Total
Fixed Costs (2) |
Total Variable
Costs (3) |
Total Costs |
Marginal Costs | Average Fixed
Costs |
Average
Variable Costs |
Average Total Costs |
| Insert Formula | |||||||
| 0 | 0 | ||||||
| 1 | 400 | 200 | |||||
| 2 | 400 | 300 | |||||
| 3 | 400 | 375 | |||||
| 4 | 400 | 425 | |||||
| 5 | 400 | 500 | |||||
| 6 | 400 | 700 | |||||
| 7 | 400 | 1,000 | |||||
2. List examples of the types of costs incurred by the Music Emporium.
Fixed Variable Explicit Implicit
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