Using the table below, calculate total cost (TC), average fixed cost (AFC), average variable cost (AVC), and
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Question:
- Using the table below, calculate total cost (TC), average fixed cost (AFC), average variable cost (AVC), and average total cost (ATC). What is the efficient output level?
| Visits | TFC | TVC | TC | AFC | AVC | ATC |
| 0 | $4,000 | $0 | $4,000 | 0 | 0 | 0 |
| 25 | $4,000 | $250 | $4,250 | 160 | 10 | 170 |
| 50 | $4,000 | $500 | $4,500 | 80 | 10 | 90 |
| 75 | $4,000 | $750 | $4,750 | 53.3 | 10 | 63.3 |
| 100 | $4,000 | $1,000 | $5,000 | 40 | 10 | 50 |
| 125 | $4,000 | $1,875 | $5,875 | 32 | 15 | 47 |
| 150 | $4,000 | $3,150 | $7,150 | 26.7 | 21 | 47.7 |
| Total Cost= TC= TFC + TVC |
| Average Fixed Cost (AFC)= FC/Visits= ATC - AVC |
| Average Variable Cost (AVC)= Total Variable Cost / Visits |
| Average Total Cost (ATC) = TC/Visits = VC/Visits + FC/Visits |
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