Cost table of total cost and marginal cost

Assignment Help Macroeconomics

Reference no: EM1315370

Answer each of the following questions completely. Be sure to explain the rationale behind the choices you make. Questions with one-word answers such as "yes" or "no" will be awarded NO credit. The only answers that do not require an explanation are calculation problems. Calculation problems should be proven by showing the process you used or the formula you applied to solve the problem. An explanation is ALWAYS more than one sentence and a basic guideline is that if you have less than six sentences, you probably do not have an adequate explanation.

Complete the following cost table:

Quantity	Average Cost	Total Cost	Marginal Cost
1	$700
2	2 $600
3	3 $500
4	4 $450
5	5 $400
6	6 $450
7	7 $500
8	8 $700

Reference no: EM1315370

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