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The cost curves on a graph with quantity on the x-axis the

1. Based on the table below, answer the following questions:

Q TC TFC TVC MC AC AFC AVC

1 500 80

2 60

3 50

4 60

5 75

6 95

7 120

8 150

9 185

(a) Complete the table above, and clearly show the formulae that you used to calculate each column.

(b) Plot the cost curves on a graph with quantity on the x-axis. The first graph should show the Total Cost (T C), the Total Fixed Cost (T F C), and the Total Variable Cost(T V C) curves. The second graph should show the Marginal Cost (MC), the Average Cost (AC), the Average Fixed Cost (AF C), and the Average Variable Cost (AV C)curves. (Note: It might be easier to use Excel to complete the table.)

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Business Economics: The cost curves on a graph with quantity on the x-axis the

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