Draw one graph of atc and avc, Econometrics

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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	$60	-	-	-	-
1	$60		$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?

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