Using the following table construct the cost schedule for a firm operating in the short run Graph the average variable cost, average total cost and marginal cost curves. Quantity- Production (thousands) Total Fixed cost Total Variable cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $400 0 $400 --- --- ---- ----                 1     $640                         2     $720                         3     $780                         4     $820                         5     $850                         6     $890                         7     $980                         8     $1200                         9     $1700

Q: Use the following table to answer the questions that follow. Total Output    Cost      TFC…

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A: Average cost is per unit cost of production. Average variable cost is the per unit variable cost of…

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A: We know that ,  TC=TFC+TVC AVC=TVC/TP AFC=TFC/TP AC=TC/TP

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Q: a)  construct the cost schedule for a firm operating in the short run b)  Graph the average…

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Q: Using the following table a) construct the cost schedule for a firm operating in the short run b)…

A: Quantity Total Cost  Total Fixed Cost Total Variable Cost  Marginal Cost Average Total Cost Average…