Output Total Costs Fixed Costs Variable Costs AFC AVC ATC MC 0 100 100 0 1...

Question

Question

Graph the average and marginal cost curves from the previous question. What would be the optimal output, assuming you want to minimize diminishing returns?

Answer 1

Answer #1

- AFC AFC, AVC, ATC & MC 1 1 2 4 5 3 Output

The optimal output is where ATC is minimum. So, the optimal output is 4.

Answer 2

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