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finrevS08 - Handout 4 Production Cost Analysis 1 a b...

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Handout 4: Production Cost Analysis 1. a) Complete the cost table to make it consistent with the given numbers. b) Plot the total cost functions for the range of output 0 - 10 on one diagram, and the average and marginal cost functions on another diagram. Q TC TFC TVC ATC AFC AVC MC 0 20 1 1 2 3 3 4 4 12 5 75 6 16 7 24.85 8 86 9 360 10 540
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