Complete the following table. (2.5 Marks) Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264 1)Draw AFC, AVC, AC, and MC on a graph 2)Explain the relationship between AC and MC.

Complete the following table. (2.5 Marks) Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264 1)Draw AFC, AVC, AC, and MC on a graph 2)Explain the relationship between AC and MC.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 2QP

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Question

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Complete the following table. (2.5 Marks)

Units TFC TVC TC AFC AVC AC MC

0 24 0

1 24 28

2 24 54

3 24 75

4 24 96

5 24 126

6 24 168

7 24 214

8 24 264

1)Draw AFC, AVC, AC, and MC on a graph

2)Explain the relationship between AC and MC.

Definition Definition Measure of the cost of production per unit of output, including only variable costs such as wages, materials, and utilities. AVC is calculated by dividing total variable cost by the number of units produced. Understanding average variable cost is important for businesses to make decisions on pricing, production levels, and profitability.

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