The following table shows the total cost schedule of a firm.
Calculate TVC, AFC, AVC, SAC and SMC schedules.
Quantity |
TC |
1 |
20 |
2 |
70 |
3 |
110 |
4 |
140 |
5 |
160 |
6 |
170 |
7 |
170 |
TVC = Total Variable Cost, AFC = Average Fixed Cost, AVC = Average Variable Cost, SAC = Short run Average Cost, SMC = Short run Marginal cost)