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?

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