formulas to get the AVC AFC and ATC
I need help in the formulas to get the AVC AFC and ATC. I know the actual formulas but I also know you need to use the first total cost output for some of the functions.
The cost structure of a manufacture for microchips is described in the table shown below.
The firm’s fixed cost equal $15,000 per day. Calculate the average variable cost, average fixed cost, and average total cost at each output level. (answers need to be rounded to the nearest cent.)