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Costs. a. Complete the following table.
Total Product (Q)
Total Fixed Cost
Total Variable Cost
Total Cost
Average Fixed Cost
Average Variable Cost
Average Total Cost
Marginal Cost
0
$60
$0
-
1
$105
2
$85
3
$120
4
$150
5
$245
6
$225
7
$330
8
$325
9
$390
10
$525
b. Draw one graph of ATC, AVC and MC. Draw another graph with TC.
c. What happens to ATC as Q increases?
d. Where does MC cross AVC? ATC?
e. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
f. Suppose raw material prices increase by 20%. How will this affect TFC, TVC, TC, ATC, AVC and MC?
Costs. a. Complete the following table. Total Product (Q) Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost
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