Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input...

Question

Question

Lets assume the following for a competitive firm: Fixed Cost = $100. The only variable input the firm has is Labor, which it

Answer 1

Answer #1

TC=FC+VC

ATC=TC/Q

AFC=FC/Q

AVC=VC/Q

MC=change in TC/change in Q

Answer 2

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