[Item-1AB] Instruction: (refer to the photo below) Kindly answer the question given and provide correct and complete solution. I will dislike your solution if it is incomplete and wrong answer. Use the previous production function where capital costs ofthis firm is $20 per unit, and labor costs $10 per worker.K1010101010101010D10L012345678TP TFC TVC TC AFC AVC ATC0515305075859092MCA.From the information in the table,calculate total fixed cost (TFC), totalvariable cost (TVC), total cost (TC),average fixed cost (AFC), averagevariable cost (AVC), average total cost(ATC), and marginal cost (MC).B.Graph your results, putting TFC, TVC,and TC on one graph and AFC, AVC, ATC,and MC on another.I also posted other questions (C and D). I hope youwill answer them too.

Total cost is the sum of fixed cost and variable cost Fixed cost is the cost that does not change…

Answered: Use the previous production function…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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[Item-1AB] Instruction: (refer to the photo below) Kindly answer the question given and provide correct and complete solution. I will dislike your solution if it is incomplete and wrong answer.

Use the previous production function where capital costs of
this firm is $20 per unit, and labor costs $10 per worker.
K
10
10
10
10
10
10
10
10
D
10
L
0
1
2
3
4
5
6
7
8
TP TFC TVC TC AFC AVC ATC
0
5
15
30
50
75
85
90
92
MC
A.
From the information in the table,
calculate total fixed cost (TFC), total
variable cost (TVC), total cost (TC),
average fixed cost (AFC), average
variable cost (AVC), average total cost
(ATC), and marginal cost (MC).
B.
Graph your results, putting TFC, TVC,
and TC on one graph and AFC, AVC, ATC,
and MC on another.
I also posted other questions (C and D). I hope you
will answer them too.

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