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In this summit session and in our reading materials this module week, we are learning about business firms, production, and the costs associated with the practice of business

Economics

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In this summit session and in our reading materials this module week, we are learning about business firms, production, and the costs associated with the practice of business. Now it is time to apply what we are learning! In this activity, you will complete this Production Costs spreadsheet (XLSX).

Given the quantity and total cost, calculate for total fixed cost, total variable cost, average fixed cost, average total cost, average variable cost, and marginal cost. You are required to graph the total cost curves as well as the average and marginal cost curves.