A.Define marginal revenue and marginal cost.B.The following information is a summary of a firm's costs (in dollars) associated with theproduction of output Q.QFCVCTCMCAFC AVC ATC1010282010323010444010565010806010128i. Calculate MC, AFC, AVC and ATC associated with each level of output.ii. From calculations at i., sketch AFC and AVC on the same axes.!!!

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A. Define marginal revenue and marginal cost.

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Question

A.
Define marginal revenue and marginal cost.
B.
The following information is a summary of a firm's costs (in dollars) associated with the
production of output Q.
Q
FC
VC
TC
MC
AFC AVC ATC
10
10
28
20
10
32
30
10
44
40
10
56
50
10
80
60
10
128
i. Calculate MC, AFC, AVC and ATC associated with each level of output.
ii. From calculations at i., sketch AFC and AVC on the same axes.
!!!

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