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Question
Complete the following table:
|
Output (Units) |
Average Cost (Rs) |
Marginal Cost (Rs) |
|
1 |
12 |
……. |
|
2 |
10 |
…….. |
|
3 |
……. |
10 |
|
4 |
10.5 |
…….. |
|
5 |
11 |
…….. |
|
6 |
…….. |
17 |
Solution
|
Output (Units) |
Average Cost (TC×Q) (Rs) |
Marginal Cost (TCn − TCn-1) (Rs) |
Total Cost (TC) (Rs) |
|
1 |
12 |
- |
12 |
|
2 |
10 |
8 |
20 |
|
3 |
10 |
10 |
30 |
|
4 |
10.5 |
8 |
42 |
|
5 |
11 |
13 |
55 |
|
6 |
12 |
17 |
72 |
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Total Product
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