Draw the graph from the numbers provided Total CostAVCAFCATCMC--1254066201025206.621.6253.1520254l0514554(15) For any cost function, you can find min ATC bysetting ATC =beand solving for q.(10) Create a graph showing the minimum of your ATCfunction.(10) Add AVC and MC to your graph.(10) Here MC is always increasing. As q increases, whathappens to ATC when it is less than MC and whathappens to ATC with is more than MC?(5) At what level of production is AVC at its minimum? (the table you made is enough information for you to find thisvalue.) For any price, will your firm always be able to cover its variable cost?(5) On your graph, indicate the supply curve of your firm in the short run.

Since you asked for only drawing the diagram, we are doing that only.

Answered: Total Cost AVC AFC ATC MC -- -- 1 25 40…

Total Cost AVC AFC ATC MC -- -- 1 25 40 65 a5 20 16 20 216 25 29 3 15 20 25 4 105 145 4 (15) For any cost function, you can find min ATC by setting ATC = and solving for q.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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Question

Draw the graph from the numbers provided

Total Cost
AVC
AFC
ATC
MC
--
1
25
40
66
20
10
25
20
6.6
21.6
25
3.
15
20
25
4
l05
145
5
4
(15) For any cost function, you can find min ATC by
setting ATC =
be
and solving for q.
(10) Create a graph showing the minimum of your ATC
function.
(10) Add AVC and MC to your graph.
(10) Here MC is always increasing. As q increases, what
happens to ATC when it is less than MC and what
happens to ATC with is more than MC?
(5) At what level of production is AVC at its minimum? (the table you made is enough information for you to find this
value.) For any price, will your firm always be able to cover its variable cost?
(5) On your graph, indicate the supply curve of your firm in the short run.

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