Complete Table 21.5:
$$\begin{array}{l}
\begin{array} { l ll l l l }
Q&TFC&TVC&TC&AVC&MC\0&\_\_\_\_\_&\_\_\_\_\_&15&--&--\1&\_\_\_\_\_&\_\_\_\_\_&23&\_\_\_\_\_&\_\_\_\_\_\2&\_\_\_\_\_&\_\_\_\_\_&\_\_\_\_\_&\_\_\_\_\_&4\3&\_\_\_\_\_&15&\_\_\_\_\_&\_\_\_\_\_&\_\_\_\_\_
\end{array}
\end{array}$$
$$\text { Table } 21.5$$ Total fixed costs in Table 21.5 are equal to
A) $0 because the problem involves the long run.
B) $15.
C) $30.
D) $60.

Question

Complete Table 21.5:
$$\begin{array}{l}
\begin{array} { l ll l l l } 
Q&TFC&TVC&TC&AVC&MC\0&\_\_\_\_\_&\_\_\_\_\_&15&--&--\1&\_\_\_\_\_&\_\_\_\_\_&23&\_\_\_\_\_&\_\_\_\_\_\2&\_\_\_\_\_&\_\_\_\_\_&\_\_\_\_\_&\_\_\_\_\_&4\3&\_\_\_\_\_&15&\_\_\_\_\_&\_\_\_\_\_&\_\_\_\_\_
\end{array}
\end{array}$$
$$\text { Table } 21.5$$ Total fixed costs in Table 21.5 are equal to
A) $0 because the problem involves the long run.
B) $15.
C) $30.
D) $60.

Quizplus · Accepted Answer

Total Fixed Cost (TFC) is the cost that does not change with the level of output. It can be found by subtracting Total Variable Cost (TVC) from Total Cost (TC) at any level of output. At Q=0, TC is $15 and TVC is $0 (since no production is happening, all costs are fixed), making TFC $15.

Complete Table 21 Table 21.5\text { Table } 21.5 Table 21.5 Total Fixed Costs in Table 21

Complete Table 21 $\text { Table } 21.5$ Total Fixed Costs in Table 21