Draw one graph of atc and avc, Econometrics

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?

Posted Date: 3/29/2013 6:19:19 AM | Location : United States







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