(a) Complete the following cost schedule by computing average fixed cost and average variable cost. Instructions: Enter your responses rounded to the nearest whole number. Output Total Cost Average Fixed Cost Average Variable Cost 0 $600 ----- ----- 1 800 2 1,050 3 1,400 4 1,800 5 2,300 (b) Complete the following cost schedule by computing average total cost and marginal cost. Instructions: Enter your responses rounded to the nearest whole number. Output Total Cost Marginal Cost Average Total Cost 0 $600 ----- ----- 1 800 2 1,050 3 1,400 4 1,800 5 2,300 (c) At what output rate is average total cost minimized? Instructions: Enter your response as a whole number. units

Q&A Education