I need help in the formulas to get the AVC AFC and ATC. I know the actual formulas but I also know you need to use the first total cost output for some of the functions.
The cost structure of a manufacture for microchips is described in the table shown below.
The firm's fixed cost equal $15,000 per day. Calculate the average variable cost, average fixed cost, and average total cost at each output level. (answers need to be rounded to the nearest cent.)
Average Variable cost=Total variable cost/total output... View the full answer