Complete the following:

Define the terms total fixed costs, total variable costs, and total costs.

Total fixed costs (TFC):Total fixed costs are costs that aren't affected by the output.

Total variable costs (TVC):Total costs that vary with output.

Total costs (TC):Sum of total fixed costs and total variable costs. TC=TFC+TVC

State the formulas for AFC, AVC, ATC, and MC.

Average fixed cost: AFC = TFC/Q

Average variable cost: AVC = TVC/Q

Average total cost: ATC = TC/Q = (AFC + AVC)

Marginal cost: MC = TC/Q = TVC/Q

Fill in the values of the following table:

Patient Total TotalCosts TotalFixed Average Average Average Marginal m Variable Costs Fixed Variable Total Cost Costs Cost Cost Cost 0 O 50 - 1 3'0 120 2 110 160 3 150 210 4 250 300 5 370 420