Question: Homework#3Name Q1- production and cost table. Plot the ATC, AVC, and MC curves on the graph. Labor (L) Output (Q) MP AP TFC TVC TC

Homework#3Name

Q1- production and cost table. Plot the ATC, AVC, and MC curves on the graph.

Labor (L)

Output (Q)

MP

AP

TFC

TVC

TC

AFC

ATC

AVC

MC

0

0

1

7

2

15

3

25

4

40

5

54

6

65

7

75

8

84

9

90

10

95

2,000

20,000

Q2. Use the figure to answer the following questions.

a. What output level has the lowest average variable cost?

b. At what point is marginal cost equal to average variable cost?

c. Minimum average total cost is equal to _____.

d. Why is the minimum point on the ATC curve at 35 units above the minimum point on the AVC curve at 30 units?

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