The table below shows the short-run cost of a firm. Use it to answer the question below
| Quantity (kg) |
Fixed cost ($) |
Variable cost ($) |
Total cost ($) |
Marginal cost ($) |
Average cost ($) |
| 1 |
750 |
200 |
950 |
- |
950 |
| 2 |
750 |
560 |
1310 |
360 |
655 |
| 3 |
750 |
900 |
P |
Q |
550 |
Calculate the value of Q
To get Q, we first have to solve for P, hence we have;
Total cost (P) = fixed cost + variable
750 + 900 = 1650
Marginal cost (Q) = 1650 - 1310 = 340
| Quantity (kg) |
Fixed cost ($) |
Variable cost ($) |
Total cost ($) |
Marginal cost ($) |
Average cost ($) |
| 1 |
750 |
200 |
950 |
- |
950 |
| 2 |
750 |
560 |
1310 |
360 |
655 |
| 3 |
750 |
900 |
1650 |
340 |
550 |