Complete the following table: Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264 1) Draw AFC, AVC, AC and MC on graph. 2) Explain relation between AC and MC.

Complete the following table: Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264 1) Draw AFC, AVC, AC and MC on graph. 2) Explain relation between AC and MC.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 3TY

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Question

Complete the following table:

Units	TFC	TVC	TC	AFC	AVC	AC	MC
0	24	0
1	24	28
2	24	54
3	24	75
4	24	96
5	24	126
6	24	168
7	24	214
8	24	264

1) Draw AFC, AVC, AC and MC on graph.

2) Explain relation between AC and MC.

Definition Definition Measure of the cost of production per unit of output, including only variable costs such as wages, materials, and utilities. AVC is calculated by dividing total variable cost by the number of units produced. Understanding average variable cost is important for businesses to make decisions on pricing, production levels, and profitability.

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