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Calculate ATC and MC using the provided data.

Economics

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Answer

To complete the table, we need to calculate the Marginal Cost (MC) for each level of quantity. Marginal Cost is the change in total cost (ΔTC\Delta TC) divided by the change in quantity (ΔQ\Delta Q).

Step-by-step solution

4 steps

The formula for Marginal Cost is:

MC=ΔTCΔQMC = \frac{\Delta TC}{\Delta Q}

  1. Calculate MC for Q=1.

    When quantity increases from 0 to 1:

    ΔQ=1−0=1\Delta Q = 1 - 0 = 1 ΔTC=130−100=30\Delta TC = 130 - 100 = 30 MC=301=30MC = \frac{30}{1} = 30

  2. Calculate MC for Q=2.

    When quantity increases from 1 to 2:

    ΔQ=2−1=1\Delta Q = 2 - 1 = 1 ΔTC=170−130=40\Delta TC = 170 - 130 = 40 MC=401=40MC = \frac{40}{1} = 40

  3. Calculate MC for Q=3.

    When quantity increases from 2 to 3:

    ΔQ=3−2=1\Delta Q = 3 - 2 = 1 ΔTC=220−170=50\Delta TC = 220 - 170 = 50 MC=501=50MC = \frac{50}{1} = 50

  4. Calculate MC for Q=4.

    When quantity increases from 3 to 4:

    ΔQ=4−3=1\Delta Q = 4 - 3 = 1 ΔTC=280−220=60\Delta TC = 280 - 220 = 60 MC=601=60MC = \frac{60}{1} = 60

    Here is the completed table:

    QTCMC0100−113030217040322050428060\begin{array}{|c|c|c|} \hline Q & TC & MC \\ \hline 0 & 100 & - \\ 1 & 130 & \textbf{30} \\ 2 & 170 & \textbf{40} \\ 3 & 220 & \textbf{50} \\ 4 & 280 & \textbf{60} \\ \hline \end{array}
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