A firm's cost curves are given in the following table. 9 TC TFC TVC AVC ATC MC 0 $100 $100 1 130 100 2 150 100 3 160 100 4 172 100 5 185 100 6 210 100 7 240 100 8 280 100 9 330 100 10 390 100 a. Complete the table. b. Graph AVC, ATC, and

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A firm's cost curves are given in the following table. 9 TC TFC TVC AVC ATC MC 0 $100 $100 1 130 100 2 150 100 3 160 100 4 172 100 5 185 100 6 210 100 7 240 100 8 280 100 9 330 100 10 390 100 a. Complete the table. b. Graph AVC, ATC, and MC on the same graph. What is the relationship between the MC curve and the ATC and between MC and AVC? c. Suppose market price is $30. How much will the firm produce in the short run? How much are total profits?

Expert Answer

Answer :- b) MC curve cuts AVC and ATC cu View the full answer