A consider the following data assume that the fixed cost of, Ask an Expert

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A. Consider the following data. Assume that the fixed cost of the 3rd unit of output is $9.00. Calculate average fixed cost, average variable cost, average total cost, marginal costs, total varibale cost and toal cost for each unit listed in the chart.

B. In two separate graphs, plot the TFC, TVC and TC in one graph, and the ATC, AVC and MC in the second graph.

c. Explain what marginal cost is doing to the average variable cost and to the average total cost, when the following occurs: the AVC is < MC, but the MC is < ATC.

Output 0 1 2 3 4 5 6

Total Cost 24 33 41 48 54 61 69

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91919496

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