Economics - Old Questions
Question Answer Details
8. Consider the following cost schedule:
| Output | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|---|
| TVC | 0 | 50 | 90 | 120 | 140 | 175 | 230 | 310 |
a) At TFC = 120, compute TC, AFC, AVC, and ATC.
b) Draw the graph of AFC, AVC, and ATC. [5]
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