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insherro insherro
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7 years ago
Complete the table below, which represents the production costs for a typical firm. (Round numbers to the nearest tenth.)

TP   TFC   TVC   TC   AFC   AVC   ATC   MC
0   $20   $ 0   $__   ---   ---   ---   ---
1   ___    27.5   ___   $__   $__   $__   $27.5
2   ___    46.8   ___   ___   23.4   ___   ___
3   ___    63.3   ___   ___   ___   ___   ___
4   ___    82.5   ___   5.0   ___   ___   ___
5   ___   106.7   126.7   ___   ___   ___   ___
6   ___   139.7   ___   ___   ___   ___   ___
7   ___   181   ___   ___   ___   28.7   ___

At what level of output do diminishing returns set in? How do you know?
Textbook 
Economics for Managers

Economics for Managers


Edition: 3rd
Author:
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University of Ottawa - Economics for Managers
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andyborziandyborzi
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7 years ago
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wrote...
#2
3 years ago
ok understood the concepts
wrote...
#3
3 years ago
It makes everything easier to understand
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