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What is the total cost of producing nothing, i.e. Q = 0? What is the variable cost of the 1 st unit? What is the
- What is the total cost of producing nothing, i.e. Q = 0?
- What is the variable cost of the 1st unit?
- What is the marginal cost of the 2nd unit?
- What is the average variable cost of the 3rd unit?
- What is the total cost of the 4th unit?
- At what level of output do diminishing returns to production set in? Use the following table to answer the following questions (the book doesn't cover AFC and it's not particularly important - I include it here for completeness.
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