1. Fill in the table below. Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost.
|
C
|
TFC
|
TVC
|
ATC
|
AFC
|
AVC
|
MC
|
|
Units of Output
|
|
0
|
20
|
|
|
|
|
|
|
|
1
|
|
|
1
|
|
|
|
|
|
2
|
|
|
|
|
|
|
3
|
|
3
|
|
|
|
|
|
4
|
|
|
4
|
|
|
|
12
|
|
|
|
|
5
|
75
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
16
|
|
|
7
|
|
|
|
24
|
|
|
|
|
8
|
|
|
|
|
|
|
86
|
|
9
|
|
|
360
|
|
|
|
|
2. Using the graph below, answer the following questions: