Calculate the mc-afc-avc and atc values

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Reference no: EM13234470

The costs of producing 0-20 missiles in millions of dollars are listed below.

Number of Drones Total Cost (Millions)
0 33.15
1 40.65
2 47.4
3 52.65
4 57.6
5 62.1
6 66.6
7 71.1
8 75.75
9 80.55
10 85.8
11 91.8
12 98.4
13 105.6
14 114.6
15 124.65
16 136.65
17 150.6
18 168.9
19 191.4
20 221.4

Use the data to compute Marginal Cost (MC), Average Fixed Cost (AFC), Average Variable Cost (AVC) and Average Total Cost (ATC) as a function of the rate of output.
a) Calculate the MC, AFC, AVC and ATC values and show equations for each and plot.

Reference no: EM13234470

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