Question: a. Construct the cost schedule using the data given below for a firm operating in the short run. b. Graph the average variable cost, average

a. Construct the cost schedule using the data given below for a firm operating in the short run.

b. Graph the average variable cost, average total cost, and marginal cost curves.

Total product Total fixed Total variable Average Average Total Marginal fixed variable

Total product Total fixed Total variable Average Average Total Marginal fixed variable cost cost cost (Q) (TFC) (TVC) (TC) cost (MC) cost (AFC) cost (AVC) Average total cost (ATC) 0 $ 50 $ 50 $ $ $ 1 $ 70 2 $ 85 3 $ 95 4 $100 5 $110 69 $130 7 $165 8 $215 9 $275

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