Discuss the below:
Total Cost
Fill in the table.
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. Then write a paragraph about which level of output would be considered the minimum LRATC.
|
Units of Output
|
TC
|
TFC
|
TVC
|
ATC
|
AFC
|
AVC
|
MC
|
|
0
|
20
|
|
|
|
|
|
|
|
1
|
|
|
1
|
|
|
|
|
|
2
|
|
|
|
|
|
|
3
|
|
3
|
|
|
|
|
|
4
|
|
|
4
|
|
|
|
12
|
|
|
|
|
5
|
75
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
16
|
|
|
7
|
|
|
|
24
|
|
|
|
|
8
|
|
|
|
|
|
|
86
|
|
9
|
|
|
360
|
|
|
|
|