Given the following table:
Complete the following table (round each answer to the nearest whole number):
Total Variable Fixed Marginal Average Avg. Var. Avg. Fixed
Output Cost Cost Cost Cost Cost Cost Cost
0
1 5
2 30
3 13
4 105 10
5 110
6 50

Complete the table then draw the following curves (on a single graph):
? Short-run average cost curve;
? Short-run marginal cost curve.

Use the information from the graphs to answer to the following questions:
1) At what level of output does average cost reach its minimum?
2) Over what range of output does diminishing returns occur?
3.Consider the following statements when answering this question
I. The marginal cost curve intersects the average total cost and average variable cost curves at their minimum values.
II. When a firm has positive fixed costs, the output level associated with minimum average variable costs is less than the output associated with minimum average total costs.
Choose the best alternative
a.I is true, and II is false.
b.I is false, and II is true.
c.I and II are both true.
d.I and II are both false.
**Please post the graph in a separate file.

... 2. a) Why are short-run marginal cost curves expected to slope upward? b) If you know that average costs are increasing, is the marginal cost curve above or ...

...marginal-cost curve must interesect the short-run average total ... Why doesn't the marginal cost curve also interest the average fixed cost curve at it's ...

... Fixed Costs=AFC*Q=10*4=40 (at Q=4) Please refer ... the following curves (on a single graph) Short-run average cost curve; Short-run marginal cost curve. ...

... B) Why are short-run marginal cost curves expected to slope upward? C) If you know that average costs are increasing, is the marginal cost curve above or below ...

... of the following would be considered to be a variable input in the short run? ... Plotting of cost curves; multiple choice questions related to long-run costs...

... each of the following have on a firm's short-run marginal cost curve and its total fixed cost curve? ... Fixed costs (FC) are costs that do not vary with the ...

... SALES.) B)Why are short-run marginal cost curves expected to slope upward? C)If you know that average costs are increasing, is the marginal cost curve above or ...

... average variable costs, average total costs, and marginal costs. ... why the ATC and MC curves are U ... 9. Explain why the short-run marginal-cost curve must intersect ...

... LRAC are generally flatter than short run average cost curve... firm tends to have a cost advantage, and ... of TC Average Variable Average Total Marginal Costs cars(Q ...