Verified answer

Answer:

The abbreviations stand for:

- TP: Total Product

- TFC: Total Fixed Cost

- TVC: Total Variable Cost

- TC: Total Cost

- AFC: Average Fixed Cost

- AVC: Average Variable Cost

- ATC: Average Total Cost

- MC: Marginal Cost

The missing MC values can be calculated by finding the change in TVC as TP increases. Here's the completed table:

TP TFC TVC TC AFC AVC ATC MC

1 15 20 35 15 20 35 20

2 15 33 48 7.5 16.5 24 13

3 15 42 57 5 14 19 9

4 15 50 65 3.75 12.5 16.25 8

5 15 60 75 3 12 15 10

6 15 69 84 2.5 11.5 14 9

7 15 77 92 2.14 11 13.14 8

Explanation:

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