Question: The table below shows data for Big Bob's Brewing Company. The quantities are for large vats of beer. ; a) Fill in the blanks

The table below shows data for Big Bob's Brewing Company. The quantities

The table below shows data for Big Bob's Brewing Company. The quantities are for large vats of beer. ; a) Fill in the blanks in the table. Round your answers to nearest whole number. Output 0 1 2 3 4 5 6 7 8 TFC $ 190 190 190 190 190 190 190 190 190 $ TVC 0 94 108 132 178 284 432 594 768 $ TC d) What is the output at economic capacity? units 190 284 298 3221 368 474 622 784 958 b) At what level of output is average product at a maximum? units c) What is the value of average total cost at this output level? $ MC / $94 54 44 74 94 120 150 184 $ AFC / $ e) If fixed costs were to double, what would be the marginal cost of the sixth unit of output? AVC / $ ATC

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To fill in the blanks in the table we need to calculate Total Cost TC Marginal Cost MC Average Fixed Cost AFC Average Variable Cost AVC and Average To... View full answer

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