Question Use the following information to determine the total fixed

01 Jun Question Use the following information to determine the total fixed

Posted at 06:19h in Essay Writing Services by Past Papers

Question

Use the following information to determine the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, andmarginal costs.

Total Output Costs TFC TVC AFC AVC ATC MC

0 100

1 150

2 225

3 230

4 300

5 400

Use the following table to answer the questions listed below

Total Output Cost TFC TVC AFC AVC ATC MC

0 $20

1 $40

Calculate the total fixed costs, total variable costs, average fixed costs, average variable costs,average total costs, and marginal costs.

b. Plot each of the cost curves.

c. At what quantity of output does marginal cost equal average total cost and average variable cost?

3. Using the table in exercise 1, explain what happens to ATC when MC > ATC, MC < ATC, and MC =ATC.

4. Using the table in exercise 2, find the quantitywhere MC ¼ ATC. Find the quantity where ATC isat its minimum. Find the quantity that is the most efficient operating point for the firm.

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