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3. The following table shows the cost data of a firm. Output (Units) Total Cost (RM) 200 400 600 auAWN- O 900 1200 1800 2800
3. The following table shows the cost data of a firm. Output (Units) Total Cost (RM) 200 400 600 auAWN- O 900 1200 1800 2800 (a) Define the term production and cost of production. [1 mark] (b) Calculate: (i) Total Fixed Cost (ii) Total Variable Cost (iii) Average Fixed Cost (iv) Average Variable Cost (v) Average Total Cost (vi) Marginal Cost at each level of output [6 marks] Briefly describe the relationship between the average total cost and the marginal cost. [3 marks]
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