Question: 2. Based on the table below, do the following analysis: Output(Y) Total Cost(TC) Marginal Cost(MC) 1 $210 (1) 2 $340 (2) 3 $490 (3) 4

2. Based on the table below, do the following analysis:

Output(Y) Total Cost(TC) Marginal Cost(MC)
1 $210 (1)
2 $340 (2)
3 $490 (3)
4 $660 (4)
5 $850 (5)
6 $1,060 (6)
7 $1,290 -

2-1. Calculate Marginal Cost(MC) for (1) - (6) .

2-2. Draw a curve of TC and a curve of MC, by dot plotting. (Hint: refer to slide 32, 33 and 39 of Ch13 PPT.)

2-3. Denote the "efficient scale" on the graph you draw from the above step 2-2.

2-4. Look at the MC curve, describe its pattern, then give an explanation on why it is rising eventually.

(no need for explanations, Thank you)

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