Answer to Question #97241 in Microeconomics for Ankita Saini

Question #97241
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.).
1
Expert's answer
2019-10-24T09:33:27-0400
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

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS