Question 1 Report
Cost schedule of a firm
| Output | Total Fixed cost TFC(N) | Total Variable Cost TVC (N) | Total Cost TC (N) | Average Variable AVC(N) | Average Total ATC (N) | Marginal Cost MC(N) |
| 0 | 100 | 0 | 100 | 0 | 100 | - |
| 1 | 100 | 40 | 140 | - | - | - |
| 2 | 100 | 64 | 164 | - | - | - |
| 3 | 100 | 80 | 180 | - | - | - |
| 4 | 100 | 88 | 188 | - | - | - |
| 5 | 100 | 96 | 196 | - | - | - |
From the cost schedule in this table calculate the Average Variable Cost (AVC), Average Total Cost (ATC) and Marginal Cost (MC) of the firm. Show your working clearly.