A: Assuming that the cost of capital is $1,000 and labour costs $10.00 per hour, determine the total variable cost, average variable cost and the marginal cost of the firm for the output levels given above.
B: Provide rough graphs of the TVC, AVC and MC curves and compare their behaviour with the product curves in part b. Be sure to label your axes correctly.
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Expert's answer
2014-04-17T10:30:47-0400
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