Question: Please help me solve this: 5. Use the table below to answer the next 3 questions . Total product TFC AFC TVC AVC TC MC

Please help me solve this: 5. Use the table below to answer the next 3 questions.

Total product

TFC

AFC

TVC

AVC

TC

MC
0 $_____ $_____ $_____ $_____
1 _____ $_____ _____ $12 _____ _____
2 _____ 12 _____ 10 _____ _____
3 _____ _____ _____ 12 _____ _____
4 _____ _____ _____ 14 _____ _____

a.Total fixed cost (TFC) is ______.

b.The marginal cost (MC) of producing the 5th unit of output is ____.

c.The average variable cost (AVC) of producing 3 units of output is _____.

thank you

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