Smith Industries is considering replacing a machine that is presently used in its production process. The following information is available: 
For a machine replacement decision which of the information provided in the table is a sunk cost?
Definitions:
Total Fixed Cost
The sum of all costs required to produce any product or service that does not change with the level of output.
Average Fixed Costs
Average fixed costs are the total fixed costs of production divided by the quantity of output produced, which decreases as production increases.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good varies as production volume changes.
Total Cost
Total Cost encompasses all expenditures incurred by a business in the production of goods or services, including fixed and variable costs.
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