Question: Consider the table below, which represents the production costs for a typical firm. TP TFC TVC TC AFC AVC 1 27.5 2 46.8 23.4 3

Consider the table below, which represents the production costs for a

Consider the table below, which represents the production costs for a typical firm. TP TFC TVC TC AFC AVC 1 27.5 2 46.8 23.4 3 63.3 4 82.5 5.0 5 106.7 126.7 6 139.7 7 181 At what level of output do diminishing returns set in? Diminishing returns set in between 1 units and 2 units of output. Diminishing returns set in between 4 units and 5 units of output. Diminishing returns set in between 3 units and 4 units of output. Diminishing returns set in between 2 units and 3 units of output. ATC 28.7

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