Question: 1. (a) Complete the following cost schedule: Average Average Rate of Total Marginal Average Variable Total Output Cost Cost Fixed Cost Cost Cost 0 $

1.

(a) Complete the following cost schedule:

Average Average Rate of Total Marginal Average Variable Total Output Cost Cost Fixed Cost Cost Cost 0 $ 600 1 800 2 1,050 3 1,400 4 1,800 5 2,300

(b) Use the cost data to plot the ATC and MC curves on the accompanying graph.

(c) At what output rate is ATC minimized? (Use higher rate.)

LO7-3

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