Practice:

1) Complete the table below by calculating the missing data:

2) Graph the cost curves for the table above.

3) Explain what would happen if total fixed cost went up by $100.

4) Explain what would happen if variable cost went up by $25 at every level of production starting with unit 1.

5) Graph the total fixed cost, total variable cost and total cost curves from numbers 3 and 4 above.