Calculating ATC, AVC, AFC and MC at a given level of output
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Use the total cost (TC) schedule that is presented in the table below to calculate average total cost, average variable cost, average fixed cost, and marginal cost when output (Q) is equal to 5.
Q 0 1 2 3 4 5 6 7 8 9
TC 5 7 8 10 14 20 28 38 50 72
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Solution Summary
The solution describes the steps to calculate ATC, AVC, AFC and MC at a given level of output.
Solution Preview
Please refer attached file for better clarity of table.
Q TC FC TVC=TC-FC
0 5 5 0
1 7 5 2
2 8 5 3
3 10 ...
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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