UNITS OFVARIABLETOTALMARGINALAVERAGEPRICE OFINPUTPRODUCTPRODUCTPRODUCTINPUTTOTALVARIABLECOSTAVERAGEVARIABLECOSTTOTAL FIXEDTOTALAVERAGETOTALMARGINALCOSTCOSTCOSTCOST0123456780$1$26$1215$127$137$145$150$152$150$1ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ$2$2$2$2$2$2$2$2 j. What is happening to average total costs when they equalmarginal costs?k. Marginal costs equal average total costs between whatoutput levels?

The table including the variable input, total product, price of input and Total Fixed cost is given…

Answered: j. What is happening to average total…

j. What is happening to average total costs when they equal marginal costs? k. Marginal costs equal average total costs between what output levels?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

UNITS OF
VARIABLE
TOTAL
MARGINAL
AVERAGE
PRICE OF
INPUT
PRODUCT
PRODUCT
PRODUCT
INPUT
TOTAL
VARIABLE
COST
AVERAGE
VARIABLE
COST
TOTAL FIXED
TOTAL
AVERAGE
TOTAL
MARGINAL
COST
COST
COST
COST
012345678
0
$1
$2
6
$1
2
15
$1
27
$1
37
$1
45
$1
50
$1
52
$1
50
$1
ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ
$2
$2
$2
$2
$2
$2
$2
$2

j. What is happening to average total costs when they equal
marginal costs?
k. Marginal costs equal average total costs between what
output levels?

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Step 3: j. Determine the result where marginal cost equals average total cost

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Step 4: k. Determine the output level at which ATC and MC are equal

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