Answer to Question #97241 in Microeconomics for Ankita Saini

Question

Output TFC TVC TC AFC AVC AC MC
0 - - - – – –
-
1 - 8 - 10.00 - -
-
2 - 12 - - - -
-
3 10 - 25 - - -
-
4 - - 27 - - -
-
5 - - - - 4.00 -
-
6 - - - - 4.00 -
5
7 - - - - - -
-
8 - - - - - 5.75
-
9 - 48 - - - 6.44
-
10 - 70 - - - -

(a) Fill in the figures for each of the columns.
(b) At what output do diminishing marginal returns set in (assume constant factor prices)?

(c) Draw AFC, AVC, AC and MC on the same diagram. Be careful to plot the MC figures mid-way between the figures for quantity (i.e. at 0.5, 1.5, 2.5, etc.).

Answer 1

Dear Ankita Saini, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order