Use the following table to answer questions a-c.
a. What is the average fixed cost of producing 4 units of output?
b. What is the marginal cost of producing the third unit of output?
c. At what level of output does the firm encounter diminishing marginal returns? How do you know?
Definitions:
Earth Day
An annual event aimed at promoting environmental awareness and conservation practices, celebrated on April 22.
Proved Reserves
Specific mineral deposits that have been shown by scientific examination and cost calculation to be extractable and deliverable to the market for use, with current technology and expected market conditions.
Mineral
A naturally occurring, inorganic solid with a definite chemical composition and crystalline structure, used in various industries.
Conservation
The sustainable management and use of natural resources to prevent depletion or degradation, safeguarding biodiversity and ecosystems.
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