Economics - Old Questions
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6. Consider the following cost schedule:
| Output | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cost (TC) | 300 | 330 | 354 | 372 | 396 | 450 | 540 | 672 | 840 | 1080 |
a. Compute TFC, AFC, AVC, MC, and AC.
b. Graph AC and MC and explain the relationship between AC and MC. [5]
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