Question:

Table 2

Average Average Average

Variable Total Fixed Variable Total Marginal

Output Cost Cost Cost Cost Cost Cost

1 50

2 80

3 100

4 120

5 145

6 190

7 250

8 340

Given: fixed cost = $100: price = $50. (a) Fill in Table 2 to the nearest cent. (b) Calculate total profit. (c) State in dollars and cents the minimum points of the AVC and ATC curves.