With the following data, calculate the firm’s AVC and MVC and draw the graphs for TVC, AVC, and MVC. Why is MVC the same as MC? Total Quantity               Variable Costs 1                                  $40,000 2                                  80,000 3                                  120,000 4                                  176,000 5                                  240,000 6                                  360,000

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Q: Define Explicit and Implicit Costs.

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Q: Explain the relationship between AC and MC.

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A:

Q: Q What is the relationship between AVC and ATC? Why? Relationship They intersect Reason:

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Q: Explain the relationship between AC , AVC and the AFC theoritically.  ( I don't need diagram )

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Q: What equation shows the relationship of MC to AVC when AVC is rising?

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Q: TVC ATC/AC 0 65 105 135 167 a. 203 244 7 293 d. 8 55 355 9 432 10 527 5. Explain why the short-run…

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