Business, 24.06.2021 08:20 jb7692

Study the table below and answer the questions that follo Output units Total costs Average costs
(TC)
(ATC)
0
10
1
20
20
2.
28
3
34
11.3
4
38
9.5
5
42
8.4
6
48
8
7
56
8
8
72
9
2.1
2.2
Identify the value of the fixed costs.
Give an example of a fixed cost.
Briefly describe the term marginal cost.
Explain the intersection point of ATC and MC using in
2.3
2.4
2.5
Differentiate between the short run and long run.
QUESTION 3
3.1
3.2
Name TWO products with an inelastic demand.
What is the significance of price elasticity of demand to
Distinguish between normal and inferior goods.
3.3
4

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Study the table below and answer the questions that follo Output units Total costs Average costs

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