Study the table below and answer the questions that follow
Output units Total costs
Average co...
Study the table below and answer the questions that follow
Output units Total costs
Average costs Marginal costs
(TC)
(ATC)
(MC)
0
10
0
1
20
20
10
2
28
14
8
3
34
11.3
6
4.
38
9.5
4
5
42
8.4
4
6
48
8
6
7
56
8
8
8
72
9
16
2.1
Identify the value of the fixed costs.
(1
2.2
Give an example of a fixed cost.
(1
2.3
2.4
Briefly describe the term marginal cost.
(2
Explain the intersection point of ATC and MC using information in the table.
(
Answers: 1
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