Complete the following table. What is the value of fixed cost?
On a graph, depict marginal cost and average cost using the data from above. Indicate minimum average cost on the graph.
See the attached file for the completed table.
Marginal Cost = (Change ...
Given a table of a firm's total costs at various levels of output, this solution shows how to calculate fixed cost, marginal cost and average cost. The cost curves are illustrated with a graph.