What are the fixed costs and what are the variable costs

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Reference no: EM131076413

Suppose you are given the equation:

TC = 500 + 35Q

a. What are the fixed costs? What are the variable costs? What is marginal cost? [Hint: for the marginal cost, consider making a small table and determine marginal cost for different values for Q.]

b. Derive relationships for AFC, AVC, and ATC.

c. What is average total cost when output is 50?

d. Accurately graph on graph paper: MC, AFC, AVC, and ATC. [Hint: use your answers for (b) to put together the appropriate t-charts.]

Reference no: EM131076413

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