Suppose that the fixed costs for a wheat farm are equal to $10, and variable costs are given in the chart:
$\begin{array}{cc}
\underline {\mathrm{Y}=\text { wheat (mt) }}& \underline {\mathrm{TVC}(\$)}\
0 & 0 \
1 & 20 \
2 & 36 \
3 & 45 \
4 & 60 \
5 & 80 \
6 & 120
\end{array}$ A. Explain what the fixed costs are for the wheat farm.
B. Explain what the variable costs are for the wheat farm.
C. Complete a chart that includes: Y, TC, TFC, TVC, ATC, AVC, and MC.
D. Are opportunity costs included in these costs?
E. Complete a graph of Y, TC, TFC, TVC, ATC, AVC, and MC.

Question

Suppose that the fixed costs for a wheat farm are equal to $10, and variable costs are given in the chart:
 $\begin{array}{cc}
 \underline {\mathrm{Y}=\text { wheat (mt) }}& \underline {\mathrm{TVC}(\$)}\
0 & 0 \
1 & 20 \
2 & 36 \
3 & 45 \
4 & 60 \
5 & 80 \
6 & 120
\end{array}$ A. Explain what the fixed costs are for the wheat farm.
B. Explain what the variable costs are for the wheat farm.
C. Complete a chart that includes: Y, TC, TFC, TVC, ATC, AVC, and MC.
D. Are opportunity costs included in these costs?
E. Complete a graph of Y, TC, TFC, TVC, ATC, AVC, and MC.

Quizplus · Accepted Answer

The Answer of Suppose that the fixed costs for a wheat farm are equal to $10, and variable costs are given in the chart:
 $\begin{array}{cc}
 \underline {\mathrm{Y}=\text { wheat (mt) }}& \underline {\mathrm{TVC}(\$)}\
0 & 0 \
1 & 20 \
2 & 36 \
3 & 45 \
4 & 60 \
5 & 80 \
6 & 120
\end{array}$ A. Explain what the fixed costs are for the wheat farm.
B. Explain what the variable costs are for the wheat farm.
C. Complete a chart that includes: Y, TC, TFC, TVC, ATC, AVC, and MC.
D. Are opportunity costs included in these costs?
E. Complete a graph of Y, TC, TFC, TVC, ATC, AVC, and MC.

Suppose That the Fixed Costs for a Wheat Farm Are