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Use the following table to answer questions a-c.

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Use the following table to answer questions a-c.;Output (Q);0 1 2 3 4 5 6;Total Cost(TC);$36 $45 $52 $61 $74 $91 $110;a. What is the average fixed cost of producing 4 units of output?;b. What is the marginal cost of producing the third unit of output?;c. At what level of output does the firm encounter diminishing marginal returns? How do you know?

 

Paper#29327 | Written in 18-Jul-2015

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