Question: 1. When ONLY Total Costs (TC) are known , explain how to calculate each of the following: a. Fixed Costs (FC) (1 point) b. Variable

1. When ONLY Total Costs (TC) are known, explain how to calculate each of the following:

a. Fixed Costs (FC) (1 point)

b. Variable Costs (VC) (1 point)

c. Average Variable Costs (AVC) (1 point)

d. Average Total Costs (ATC) (1 point)

e. Average Fixed Costs (AFC) (1 point)

f. Marginal Costs (MC) (1 point)

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