Question: Questions 1. When ONLY Total Costs (TC) are known, explain how to calculate each of the following: a. Fixed Costs (FC) (1 point) FC can

Questions 1. When ONLY Total Costs (TC) are known, explain how to calculate each of the following: a. Fixed Costs (FC) (1 point) FC can be calculated when the quantity in the problem is zero. b. Variable Costs (VC) (1 point) VC = TC (total cost) - FC (fixed cost) (the FC will be the same for the whole table.) Page 1 of 4 Unit 7 BU224 c. Average Variable Costs (AVC) (1 point)= VC (variable costs) / Q (quantity) d. Average Total Costs (ATC) (1 point)= TC (total costs) / Q (quantity) e. Average Fixed Costs (AFC) (1 point) = FC (fixed costs) / Q (quantity) f. Marginal Costs (MC) (1 point)= Change in total cost/ Change in total quantity

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