The question is on the attached image **Exercise 2.5: Cost Analysis of a Firm**A firm's costs are given in the following table, which you need to complete. The columns represent different cost components and related calculations for varying quantities of production $ q $.| $ q $ | TC | TFC | TVC | AVC | ATC | MC ||--------|-----|-----|-----|-----|-----|-----|| 0 | $50 | – | – | – | – | – || 1 | 70 | – | – | – | – | – || 2 | 80 | – | – | – | – | – || 3 | 90 | – | – | – | – | – || 4 | 110 | – | – | – | – | – || 5 | 140 | – | – | – | – | – || 6 | 175 | – | – | – | – | – || 7 | 220 | – | – | – | – | – || 8 | 280 | – | – | – | – | – || 9 | 360 | – | – | – | – | – || 10 | 450 | – | – | – | – | – |**Tasks:**a. **Complete the Table:** - Fill in the missing values for Total Fixed Cost (TFC), Total Variable Cost (TVC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC).b. **Graph Costs:** - Plot the Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC) on the same graph. - Analyze the relationship between Marginal Cost (MC)

The total cost incurred by firms operating in a market includes fixed costs and variable costs.…

2.5 A firm's costs are given in the following table. TC TFC TVC AVC АТС MC $50 1 70 80 3. 90 4. 110 5 140 175 220 280 360 10 450 a. Complete the table. b. Graph AVC, ATC, and MC on the same graph. What is the relationship between MC and ATC and between MC and AVC? c. Suppose market price is $20. How much will the firm produce in the short run? How much are total profits? d. Suppose market price is $60. How much will the firm produce in the short run? What are total profits? 678969

2.5 A firm's costs are given in the following table. TC TFC TVC AVC АТС MC $50 1 70 80 3. 90 4. 110 5 140 175 220 280 360 10 450 a. Complete the table. b. Graph AVC, ATC, and MC on the same graph. What is the relationship between MC and ATC and between MC and AVC? c. Suppose market price is $20. How much will the firm produce in the short run? How much are total profits? d. Suppose market price is $60. How much will the firm produce in the short run? What are total profits? 678969

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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