For the table given below. Calculate TC, AFC, AVC and MC and show diagrammatically.   Q L TFC ($) TVC($) 19.53 1 200 50 38.16 2 200 100 55.90 3 200 150 72.80 4 200 200 104.17 6 200 300 132.50 8 200 400 157.99 10 200 500 191.36 13 200 650 219.44 16 200 800 249.61 20 200 1000 277.32 25 200 1250 295.76 30 200 1500

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.