Questions on costs
Production costs
Data response question
Production costs
Consider the following hypothetical example.
| OUTPUT | P | TFC | TVC | TC | AC | MC |
| 0 | 100 | 100 | ||||
| 1 | 90 | 130 | ||||
| 2 | 80 | 158 | ||||
| 3 | 70 | 183 | ||||
| 4 | 60 | 208 | ||||
| 5 | 50 | 253 | ||||
| 6 | 40 | 308 | ||||
| 7 | 30 | 368 | ||||
| 8 | 20 | 468 |
- Complete missing figures.
- Plot ATC and AVC.
- Plot MC.