1. Complete the following table. Total Fixed Total Cost Average Marginal Cost Variable Average Total Cost Fixed Average Variable Product Cost Cost Cost Cost 100 1 100 90 2 100 170 3 100 240 4 100 300 100 360 6 100 450 7 100 540 8 100 650 9. 100 780 10 100 930

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.