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Fill the incomplete table which shows the cost information of a firm in the short run. Compute the shape of the MC curve also describe the law of diminishing returns.

 

Refer to the following incomplete table which the cost infoemation of a firm in the short run.

Output
AFC($)
TVC($)
AVC($)
MC($)
1
200
60
60
60
2
 
 
40
20
3
 
 
30
 
4
 
130
 
 
5
 
 
 
70

1.Copy the table and fill in the correct values to complete the table. If the firm can sell each unit of the product at $100, What is the optional output of the firm? What is the corresponding profit or loss?

2.Comment on the shape of the marginal cost (MC) curve and describe the law of diminishing returns that give to its shape.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922859

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