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1. Fill in the table below. Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost.
C
TFC
TVC
ATC
AFC
AVC
MC
Units of Output
0
20
1
2
3
4
12
5
75
6
16
7
24
8
86
9
360
2. Using the graph below, answer the following questions:
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does immaterial items have to be recorded
Q. Explain accrual basis of accounting? In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis
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