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1)( a ) Complete the following cost schedule: Rate of Total Marginal Average Average Variable AvergageTotal Output Cost Cost Fixed Cost Cost Cost 0 $ 800 1 1,000 2 1,250 3 1,550 4 2,000 5 2,500 ( b ) Use the cost data to plot the ATC and MC curves on the accompanying graph
1)( a ) Complete the following cost schedule:
Rate of Total Marginal Average Average Variable AvergageTotal
Output Cost Cost Fixed Cost Cost Cost
0 $ 800
1 1,000
2 1,250
3 1,550
4 2,000
5 2,500
( b ) Use the cost data to plot the ATC and MC curves on the accompanying graph.
( c ) At what output rate is ATC minimized? (Use higher rate.).
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