Complete the following table. (2.5 Marks) 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 a graph 2)Explain the relationship between AC and MC.

Complete the following table. (2.5 Marks) 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 a graph 2)Explain the relationship between AC and MC.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Complete the following table. (2.5 Marks)

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 a graph

2)Explain the relationship 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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