Given the following information about Mega Corp’s costs, provide answers to th

Question

Given the following information about Mega Corp’s costs, provide answers to the questions below.

Quantity TC TFC TVC ATC AFC AVC MC

0 40

1 52

2 20

3 21.33

4 4

5 40

6 15.67

7 10

8 96

9 15

10 45

(a) Total fixed costs equal .

(b) When the rate of output is equal to 1, AVC is equal to .

(c) When the rate of output is equal to 2, MC is equal to .

(d) Average variable costs are minimized at a rate of output of .

(e) When the rate of output is 7, total costs are equal to .

(f) At a rate of output of , total variable costs are equal to 135.

(g) At a rate of output of marginal costs (MC) are equal to 14.

(h) Average total costs are minimized at a rate of output of .

Explanation / Answer

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