a. Complete the following schedule, if the fixed cost = BD 700. (Note: you will receive full marks if ALL the calculations are correct) Formula: MC - ΔΤC / ΔQ AFC = FC/Q %3D AVC = VC/Q • ATC = TC/Q Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Output 650 1 850 1,100 1,450 4 1,850 5 2,350 b. What is the lowest level of ATC? At what output level ATC is minimized?

a. Complete the following schedule, if the fixed cost = BD 700. (Note: you will receive full marks if ALL the calculations are correct) Formula: MC - ΔΤC / ΔQ AFC = FC/Q %3D AVC = VC/Q • ATC = TC/Q Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Output 650 1 850 1,100 1,450 4 1,850 5 2,350 b. What is the lowest level of ATC? At what output level ATC is minimized?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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