Question

1- Match the following

Total Cost   C = Total Cost - Fixed Cost

Fixed Cost A. = Variable Cost + Fixed Cost

Variable Cost B. = Total Cost - Variable Cost

Economic Costs .D. include Opportunity Cost

2- Match the following

Average fixed cost A= fixed cost / quantity

Average variable cost B= Variable cost / Q

Average total cost C= total cost / quantity

Marginal Cost D= Delta total cost / delta quantity

3-

If Marginal Cost is equal to Average  Variable Cost

		Average  Variable Cost is at a Minimum
		Average  Variable Cost is decreasing (falling)
		Average  Variable Cost is increasing (rising)
		there is no relationship between Marginal Cost and Average  Variable Cost

4-

If Marginal Cost is greater than (above) Average Variable Cost

		Average  Variable Cost is at a Minimum
		Average  Variable Cost is decreasing (falling)
		Average  Variable Cost is increasing (rising)
		there is no relationship between Marginal Cost and Average  Variable Cost

5-

If Marginal Cost is less than (below) Average Variable Cost

		there is no relationship between Marginal Cost and Average Variable Cost
		Average Variable Cost is increasing (rising)
		Average Variable Cost is at a Minimum
		Average Variable Cost is decreasing (falling)

6-

If Marginal Cost is equal to Average Total Cost

		Average Total Cost is at a Minimum
		there is no relationship between Marginal Cost and Average Total Cost
		Average Total Cost is decreasing (falling)
		Average Total Cost is increasing (rising

Answer 1