Microeconomics Cost Function The following table shows the total costs of a factory that produces cars Quantity of Cars Total Cost (expressed in ThUS$) 0 500 1 540 2 560 3 570 4 590 5 620 6 660 7 720 8 800 9 920 10 1,100 a Calculate Fixed Cost (FC), Variable Cost (VC) Average Variable Cost (AVC), Average Total Cost (ATC), Average Fixed Cost (AFC) and Marginal Cost (MC) for each production level b Calculate the amount of production that MINIMIZES cost THANKS D

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Question: Microeconomics - Cost Function The following table shows the total costs of a factory that produces cars: Quantity of Cars Total Cost (expressed in ThUS$)

Microeconomics - Cost Function The following table shows the total costs of a factory that produces cars:

Quantity of Cars	Total Cost (expressed in ThUS$)
0	500
1	540
2	560
3	570
4	590
5	620
6	660
7	720
8	800
9	920
10	1,100

a.- Calculate: Fixed Cost (FC), Variable Cost (VC); Average Variable Cost (AVC), Average Total Cost (ATC), Average Fixed Cost (AFC) and Marginal Cost (MC) for each production level.

b. Calculate the amount of production that MINIMIZES cost.

THANKS :D

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