The following table shows data for the simple productionfunction used in Question 1. Capital costs this firm $20 per unit, and laborcosts $10 per worker. K L TP TFC TVC TC AFC AVC ATC MC 10 0 0 10 1 5 10 2 15 10 3 30 10 4 50 10 5 75 10 6 85 10 7 90 10 8 92
a. From the information in the table, calculate total fixed cost ( TFC ), total variable cost ( TVC ), total cost ( TC ),average fixed cost ( AFC ), average variable cost ( AVC ), average total cost ( ATC ), and marginal cost ( MC ).
b. Graph your results, putting TFC , TVC , and TC on one graph and AFC , AVC , ATC , and MC on another. c. At what point is average total cost minimized? At whatpoint is average variable cost minimized?
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