Figure 7.9 
-Refer to Figure 7.9 above to solve the following problems.
a.Calculate the fixed cost of production.
b.Calculate the average total cost of production when the firm produces 20 units of output.
c.Calculate the average variable cost of production when the firm produces 20 units of output.
d.Calculate the average fixed cost of production when the firm produces 20 units of output.
e.Calculate the average fixed cost of production when the firm produces 15 units of output.
f.If the firm increases output from 15 to 20 units what is the marginal cost of output?
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Definitions:
Equilibrium Interest Rate
The interest rate at which the quantity of money demanded equals the quantity of money supplied.
Loanable Funds
The total amounts of capital available for borrowing, which includes savings and any additional credits created by financial institutions.
Market
A conceptual or physical place where buyers and sellers convene to exchange goods, services, and information.
Economic Profit
The discrepancy between overall earnings and the aggregate of explicit and implicit expenditures.
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