https://file.aiquickdraw.com/mathbot/file/17301689231305n0emclj.jpg

To complete this table, let's calculate the necessary columns based on the information provided:

### Given Information:
- **Total Fixed Cost (TFC)**: $60 (constant for all levels of production).
- **Total Variable Cost (TVC)**: Listed for each quantity of production.
  
### Calculations Needed:
1. **Total Cost (TC)** = Total Fixed Cost + Total Variable Cost.
2. **Average Fixed Cost (AFC)** = Total Fixed Cost / Total Product.
3. **Average Variable Cost (AVC)** = Total Variable Cost / Total Product.
4. **Average Total Cost (ATC)** = Total Cost / Total Product.
5. **Marginal Cost (MC)** = Change in Total Cost / Change in Total Product.

I’ll proceed with these calculations row by row and fill out the table accordingly:

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#### Calculated Table:

| Total Product | Total Fixed Cost | Total Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal Cost |
|---------------|------------------|---------------------|------------|--------------------|-----------------------|--------------------|---------------|
| 0             | $60             | $0                 | $60        | -                 | -                     | -                 | -             |
| 1             | $60             | $45                | $105       | $60.00            | $45.00                | $105.00           | $45.00        |
| 2             | $60             | $85                | $145       | $30.00            | $42.50                | $72.50            | $40.00        |
| 3             | $60             | $120               | $180       | $20.00            | $40.00                | $60.00            | $35.00        |
| 4             | $60             | $150               | $210       | $15.00            | $37.50                | $52.50            | $30.00        |
| 5             | $60             | $185               | $245       | $12.00            | $37.00                | $49.00            | $35.00        |
| 6             | $60             | $225               | $285       | $10.00            | $37.50                | $47.50            | $40.00        |
| 7             | $60             | $270               | $330       | $8.57             | $38.57                | $47.14            | $45.00        |
| 8             | $60             | $325               | $385       | $7.50             | $40.63                | $48.13            | $55.00        |
| 9             | $60             | $390               | $450       | $6.67             | $43.33                | $50.00            | $65.00        |
| 10            | $60             | $465               | $525       | $6.00             | $46.50                | $52.50            | $75.00        |

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Let me know if you’d like any step-by-step explanations on specific calculations!

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Here are 5 questions to deepen understanding:

1. How does Total Cost change as the Total Product increases?
2. Why does the Average Fixed Cost decrease as production increases?
3. What does Marginal Cost tell us about the cost of producing each additional unit?
4. How does Average Total Cost differ from Average Variable Cost?
5. What might cause fluctuations in the Marginal Cost values?

**Tip**: Understanding the relationship between Marginal Cost and Average Total Cost can help identify optimal production levels.

A firm has a total fixed cost of $60 and total variable costs as indicated in the table below. Complete the table.

Solve a cost analysis problem with a table displaying fixed and variable costs, and calculate total, average, and marginal costs. Learn how to complete the table using key economic formulas suitable for undergraduate economics or business students.

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