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1. Based on the table below, answer the following questions:
Q TC TFC TVC MC AC AFC AVC
0
1 500 80
2 60
3 50
4 60
5 75
6 95
7 120
8 150
9 185
(a) Complete the table above, and clearly show the formulae that you used to calculate each column.
(b) Plot the cost curves on a graph with quantity on the x-axis. The first graph should show the Total Cost (T C), the Total Fixed Cost (T F C), and the Total Variable Cost(T V C) curves. The second graph should show the Marginal Cost (MC), the Average Cost (AC), the Average Fixed Cost (AF C), and the Average Variable Cost (AV C)curves. (Note: It might be easier to use Excel to complete the table.)
What does the principle of horizontal equity state?
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