Complete all the blank entries in the given table. Then use the data to graph (toscale) the Fixed, Variable, Average Fixed, and Average Variable cost curves on one graph and graph (to scale) the Marginal, Total and Average Total cost curves on another graph. Do the shapes of all the curves conform to conventional economic knowledge?
(Difficulty/ Easy)
Betty's Bakery
|
Quantity
|
Fixed
|
Variable
|
Total
|
Average
|
Average
|
Average
|
Marginal
|
|
of
|
Cost
|
Cost
|
Cost
|
Fixed
|
Variable
|
Total
|
Cost
|
|
cakes
|
|
|
|
Cost
|
Cost
|
Cost
|
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1
|
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$13
|
$38
|
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2
|
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$28
|
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3
|
|
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$70
|
|
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4
|
|
$64
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5
|
|
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$110
|
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6
|
|
$108
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7
|
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$133
|
|
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8
|
|
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$185
|
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