Answer the following key problem about Production Costs, which we discussed in class: The following table...

Answer the following key problem about Production Costs, which we discussed in class:

The following table represents the cost schedule, in dollars, for our college softball team uniforms:

Q	TFC	TVC	TC	AFC	AVC	ATC	MC
0	$100	$0		-	-	-	-
1		90
2		170
3		240
4		300
5		370
6		450
7		540
8		650
9		780
10		930

A) Fill in the rest of the table.

B) Plot TFC, TVC, and TC together on the same graph.

C) Using your graph from part a, what is the relationship between TFC, TVC and TC?

D) Now, plot AFC, AVC, ATC, and MC together on a separate graph.

E) Using your graph from part 3, what is the relationship between the AVC, ATC, and MC?

F) How do economies of scale relate to the AFC curve on your graph?

Solutions

Expert Solution

Rahul Sunny answered 2 years ago

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