The following table shows the cost schedule of a company
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The following table shows the cost schedule of a company

Question 4

The following table shows the cost schedule of a company. In the short run, the company incurs a total fixed cost of $210. Complete the table and using EXCEL spreadsheet, graph the marginal and average cost curves. Briefly explain the relationships you have observed.


Hint
Economics There exists a relationship between the marginal cost and average cost that is when marginal cost is greater than average cost, average cost increases and when marginal cost is less than average cost, average cost decreases. The average total cost curve is usually U-shaped while the marginal cost curve is normally upward-sloping....
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