Homework Answers
Answer:
|
Output |
Total Cost |
Marginal Revenue(MR) |
Marginal Cost(MC) = TC1 – TC0 |
|
0 |
20 |
- |
- |
|
1 |
22 |
8 |
22- 20 =2 |
|
2 |
26 |
8 |
26 – 22 = 4 |
|
3 |
32 |
8 |
32 – 26 = 6 |
|
4 |
40 |
8 |
40 – 32 = 8 |
|
5 |
50 |
8 |
50 – 40 = 10 |
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Calculate the firm’s average total costs and average variable
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