Question
A firm has the following relationship between output (Q) and total cost (TC): Q TC 0 $100 1 120 2 160 3 220 4 300
A firm has the following relationship between output (Q) and total cost (TC):
Q TC
0 $100
1 120
2 160
3 220
4 300
5 400
6 520
7 660
8 820
9 1000
10 1200
a.What is average variable cost at Q = 6?
a.What is marginal cost at Q = 6?
b.What are the Total Fixed Costs (TFC)?
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Econometrics By Example
Authors: Damodar Gujarati
2nd Edition
1137375019, 9781137375018
