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Alice's Wearhouse company has fixed costs of $7,000 and its variable costs for a range of output levels are shown in the table below. Calculate total cost, average cost, marginal cost, and average variable cost for the different quantities of output shown. (Hint: Add those costs to the table under the appropriate section you create.) 4 points
Quantity
Variable Cost
0
100
$500
200
$1,000
300
$3,000
400
$7,000
500
$14,000
600
$24,000
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What will be the company's profits or losses?
How can you tell at a glance whether the company is making or losing money at this price just by looking at average cost?
At the given quantity and price, is the marginal unit produced adding to profits?
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