BA 201 WEEK 5 COSTS AND FIRMS IN PERFECTLY COMPETITIVE MARKETS

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BA 201 Week 5 Costs and Firms in Perfectly Competitive Markets

Total Cost

Fill in the table. Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost. Then write a paragraph about which level of output would be considered the minimum LRATC.

Units of Output	TC	TFC	TVC	ATC	AFC	AVC	MC
0	20
1			1
2							3
3						4
4				12
5	75
6						16
7				24
8							86
9			360

Grading Criteria Assignments	Maximum Points
Meets or exceeds established assignment criteria	40
Demonstrates an understanding of lesson concepts	20
Clearly presents well-reasoned ideas and concepts	30
Uses proper mechanics, punctuation, sentence structure, and spelling