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April 21, 2014

Homework Help: Economics

Posted by John Doe on Saturday, October 8, 2011 at 12:16am.

The schedule below shows the level of output that can be produced using different levels of input. A unit of input costs $80 and the fixed costs of running your business are $50.
Input Output
0 0
1 2
2 6
3 9
4 11
5 12
1. What is your AVC of producing 11 units of output? __________
2. What is your AFC of producing 12 units? __________
3. What is the marginal cost of the 12th unit? __________
4. What is the marginal cost of your 9th unit? __________
5. At what level of output is ATC at its minimum? __________

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