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AP®︎/College Microeconomics

Lesson 2: Short-run production costs

Short-run production costs: foundational concepts

AP.MICRO: PRD‑1 (EU), PRD‑1.A (LO), PRD‑1.A.4 (EK), PRD‑1.A.5 (EK)

The table below contains costs incurred by Fantabulous Enterprises, Inc., but some values are missing.

Quantity	Variable costs	Total Costs	Marginal costs	Average total costs
0		dollar sign, 100
1		dollar sign, 279	dollar sign, 179	dollar sign, 279
2	dollar sign, 320	dollar sign, 420	dollar sign, 141	dollar sign, 210
3	dollar sign, 447	dollar sign, 547	dollar sign, 127	dollar sign, 182
4	dollar sign, 584		dollar sign, 137	dollar sign, 173
5	dollar sign, 755	dollar sign, 855		dollar sign, 171
6		dollar sign, 1084	dollar sign, 229	dollar sign, 180
7	dollar sign, 1295	dollar sign, 1395	dollar sign, 311	dollar sign, 200

What are this firm’s total fixed costs?

Stuck?