Figure 6.9 
-Refer to Figure 6.9 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:
Incidental Beneficiary
A person or entity that indirectly gains a benefit from a contract to which they are not a party, without the contract specifically intending such benefit.
Beneficiary
A person or entity entitled to receive benefits or assets under a legal arrangement or instrument, such as a will, trust, or insurance policy.
Third-party Beneficiary
An individual or legal entity that gains a benefit from a contract despite not being one of the primary parties involved.
Creditor Beneficiary
A third party that benefits from a contract wherein the promisor agrees to pay the promisee's debt to the beneficiary.
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