Complete the following table (round each answer to the nearest whole number):
Total Variable Fixed Marginal Average Avg. Avg. Fixed
Output Cost Cost Cost Cost Cost Cost Cost
4 105 10
Complete the table then draw the following curves (on a single graph)
• Short-run average cost curve;
• Short-run marginal cost curve
Fixed cost is the cost incurred even if there is no output.
If we refer to the given values in the tables, ...
Total Cost is demonstrated for short-run average cost curves.