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Question 3 3. (16 points) Suppose the pancake factory has the following cost table. Q TC VC FC MC ATC AVC AFC 20 1 30

Question 3

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3. (16 points) Suppose the pancake factory has the following cost table. Q TC VC FC MC ATC AVC AFC 20 1 30 2 15 3 10 4 15 5 12 a. What is the total cost of producing nothing, i.e. at Q = 0? b. What is the variable cost of producing 1 unit? c. What is the marginal cost of producing 2 units? d. What is the average total cost of producing 3 units? e. What is the average variable cost of producing 4 units? f. At what quantity does diminishing returns set in to production and how do we know this based on the information in the table

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