A. Graph total fixed cost, total variable cost and total costB. Explain how the law of diminishing returns influences the shapes of the total variable-cost and total costbcurves × Content|Introduction to Agricultural+https://eu.bbcollab.com/collab/ui/session/join/5406d7cf48ea4ba49a2aa76847e61b8dA firm has fixed costs of R60 and variable costs asindicated in the table below. Complete the tableTotalTotalTotalTotalcostAverage Average Averagevariable totalproductfixedfixedvariablecostcostcostcostcost0600600160451056045105260851453042.572.53601201802040604601502101537.552.55601852451237496602252851037.547.57602703408.638.548.68603253857.54048.19603904506.743.3501060465525646.552.5Total Product, Marginal product and Ave... (36/39)..08OLDXhpMarginalcost45303530454055406575- ¡IiSOMILANGAYE Nleft the session4THANthe sSINEEleft thKAMMthe se

Answer A. TVC + TFC = TC Both TC and TVC run in concurrently. The x-axis of TFC is parallel. At zero…

Answered: A. Graph total fixed cost, total…

A. Graph total fixed cost, total variable cost and total cost B. Explain how the law of diminishing returns influences the shapes of the total variable-cost and total costbcurves

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.

Question

A. Graph total fixed cost, total variable cost and total cost

B. Explain how the law of diminishing returns influences the shapes of the total variable-cost and total costbcurves

× Content
|
Introduction to Agricultural
+
https://eu.bbcollab.com/collab/ui/session/join/5406d7cf48ea4ba49a2aa76847e61b8d
A firm has fixed costs of R60 and variable costs as
indicated in the table below. Complete the table
Total
Total
Total
Total
cost
Average Average Average
variable total
product
fixed
fixed
variable
cost
cost
cost
cost
cost
0
60
0
60
0
1
60
45
105
60
45
105
2
60
85
145
30
42.5
72.5
3
60
120
180
20
40
60
4
60
150
210
15
37.5
52.5
5
60
185
245
12
37
49
6
60
225
285
10
37.5
47.5
7
60
270
340
8.6
38.5
48.6
8
60
325
385
7.5
40
48.1
9
60
390
450
6.7
43.3
50
10
60
465
525
6
46.5
52.5
Total Product, Marginal product and Ave... (36/39)
..0
8
OLD
X
hp
Marginal
cost
45
30
35
30
45
40
55
40
65
75
- ¡Ii
SOMILANGAYE N
left the session
4
THAN
the s
SINEE
left th
KAMM
the se

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