Question

2. Use the following table to answer the questions listed below.

Output            TC                    TFC        TVC                         AFC             AVC              ATC                        MC

     0                 $100               $              $                  $                $                   $                 $         

     1                 $150               $              $                  $                  $                  $                 $         

     2                 $225               $              $                  $                  $                   $                 $

     3                 $230               $              $                  $                  $                   $                 $

     4                 $300               $              $                  $                  $                   $                 $

List the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, and marginal costs.

At what quantity of output does marginal cost equal average total cost and average variable cost?

Answer 1

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