Question 2A: Quantity TC TVC TFC ATC AVC MC 0 30 1 40 2 50 3...

Question

Question

Question 2A:

The respective cost values when the firm's output is 7, are:

360; 300; 30; 57.1; 42.9; 100.

330; 300; 30; 33; 30; 70.

330; 300; 30; 47.1; 42.9; 70.

260; 300; 30; 43.3; 42.9; 0.

Answer 1

Answer #1

Ans: 330; 300; 30; 47.1; 42.9; 70.

Explanation:

The firms TFC is 30. Because when output is 0, TC = 30. We know TC = TFC + TVC. So, when TC = 30 and TVC = 0 at output level of 0. So, TFC = 30

Answer 2

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