Using the table in exercise 2, find the quantity where MC = ATC. Find the quantity where ATC is at its minimum. Find the quantity that is the most efficient operating point for the firm.

Data from in exercise 2

Use the following table to answer the questions listed below.

a. Calculate the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, and marginal costs.

b. Plot each of the cost curves.

c. At what quantity of output does marginal cost equal average total cost and average variable cost?

Total Output Cost TFC TVC AFC AVC ATC MC PONTO60 $ 20 10 $ 40 20 $ 60 30 $ 90 40 $120 50 $180 $280