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Homework answers / question archive / Refer to the following table and answer the questions below
Refer to the following table and answer the questions below.
| Q | TFC | TVC | TC | AVC | MC |
| 0 | 10 | 0 | |||
| 1 | 16 | 6 | |||
| 2 | 4 | ||||
| 3 | 12 | 4 |
1) What are total fixed costs?
2) What is the marginal cost of the first unit of output?
3) What is the total cost of 2 units of output?
4) What is the total variable cost of 2 units of output?
5) What is the marginal cost of the third unit of output?
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