COST OF PRODUCTION

1. Complete the table below.

Output $
(unit) TFC TVC TC MC AFC AVC AC
0 300 0 300
1 100 400 300 100 400
2 225
3 170
4 290 147.5
5 400 140
6 540 90 140
7 720 180 42.86
8 1250 230
9 1240 290

2. Based on the table above, draw the diagram showing total cost, total fixed cost and
total variable curves.
3. Based on the table above, draw the diagram showing average cost and marginal cost
curves.