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Economies of Scale
A company faces the following costs at the respective production level in addition to its fixed costs of $50,000:
Quantity Marginal Cost Sale Price Marginal Return
1 $10,000 $20,000 $10,0002 $11,000 $ 20,000 $9,0003 $12,000 $20,000 $8,0004 $13,000 $20,000 $7,0005 $14,000 $20,000 $6,000
1) Calculate average total cost of each quantity. What happens to the Average Total Cost as output increases from 1 to 5?
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