Three part question, use table to answer. Please show work.
1. At 4 units of output what are total fixed cost?
2. What is the marginal cost of the fourth unit of output?
3. At 4 units of output what are total variable costs?
|
Output (units per day)
|
Total cost (dollars per day)
|
|
0
|
16
|
|
1
|
30
|
|
2
|
42
|
|
3
|
58
|
|
4
|
78
|