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BA201 Week 5 “Costs and Firms in Perfectly Competitive Markets”
Total Cost
Fill in the table.
Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable
Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average
Variable Cost, and MC as Marginal Cost. Then write a paragraph about which
level of output would be considered the minimum LRATC.
|
Units of Output
|
TC
|
TFC
|
TVC
|
ATC
|
AFC
|
AVC
|
MC
|
|
0
|
20
|
||||||
|
1
|
1
|
||||||
|
2
|
3
|
||||||
|
3
|
4
|
||||||
|
4
|
12
|
||||||
|
5
|
75
|
||||||
|
6
|
16
|
||||||
|
7
|
24
|
||||||
|
8
|
86
|
||||||
|
9
|
360
|
|
Grading Criteria Assignments
|
Maximum Points
|
|
Meets or exceeds
established assignment criteria
|
40
|
|
Demonstrates an
understanding of lesson concepts
|
20
|
|
Clearly presents
well-reasoned ideas and concepts
|
30
|
|
Uses proper
mechanics, punctuation, sentence structure, and spelling
|
10
|
|
Total
|
100
|
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