1. Short run costs for the firm. Consider a firm with the following Fixed Costs and Marginal Costs Q 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 TFC 15.00 a) Total Costs i. TVC TC MC 3.00 2.00 1.00 2.00 5.00 9.00 14.00 20.00 AFC AVC ATC Fill in the blanks for TVC and TC. Construct a graph that generally illustrates the relationship between TVC, TFC, and TC curves (Note: you need not plot the entries in table 1. Just show the correct curve shapes and interrelationships)

1. Short run costs for the firm. Consider a firm with the following Fixed Costs and Marginal Costs Q 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 TFC 15.00 a) Total Costs i. TVC TC MC 3.00 2.00 1.00 2.00 5.00 9.00 14.00 20.00 AFC AVC ATC Fill in the blanks for TVC and TC. Construct a graph that generally illustrates the relationship between TVC, TFC, and TC curves (Note: you need not plot the entries in table 1. Just show the correct curve shapes and interrelationships)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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