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QUESTION 6 The diagram below represents the short-run total cost function for the Fidget Company, which produces widgets. PleQUESTION 9 The difference between average total costs and average variable costs is O marginal cost. O average fixed cost. OQUESTION 10 When average total cost is at its minimum: O a. average total cost is equal to average variable cost O b. average

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Answer #1

6. Ans: MC = 10Q

Explanation:

It seen from the graph that the total cost equation is:

TC = 100 + 5Q2

MC is the first order derivative of TC equation.

MC = 10Q

9. Ans: Average fixed cost

Explanation:

ATC = AFC + AVC

AFC = ATC - AVC

10. Ans: Marginal cost is equal to average total cost

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