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:
Behavior
The way in which an organism acts or conducts itself, especially in response to its environment.
Evolutionary Perspective
The evolutionary perspective examines how the process of evolution has shaped the behavior, structure, and functions of living organisms.
Genetic Inheritance
The process through which genes and characteristics are passed down from parents to offspring.
Experiment
A method of research in the sciences or social sciences in which variables are manipulated and controlled to determine their effects on other variables.
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