Quantity(Q)| Fixed Cost($)| Variable Cost (VC)($)| Total Cost($)| Marginal Cost (MC)($)| Average Variable Cost (AVC)($)| Average Total Cost(ATC)($)| 0| 46| 0| 46| -| -| -| 1| 46| 30| 76| 30| 30| 76| 2| 46| 50| 96| 20| 25| 48| 3| 46| 58| 104| 8| 19.33| 34.67| 4| 46| 64| 110| 6| 16| 27.5| 5| 46| 70| 116| 6| 14| 23.2| 6| 46| 80| 126| 10| 13.33| 21| 7| 46| 94| cxl| 14| 13.43| 20| 8| 46| 118| 164| 24| 14.75| 20.5| 9| 46| 144| 190| 26| 16| 21.11| 2. What do you understand by the term a high ly private-enterprise(a) industry? Explai! n what is meant by diminishing returns. From these cost curves justify when diminishing returns set in? Why? The highly competitive industry means the firm in the competitive market with many buyers and marketers trading identical products and each buyer and seller is a price taker (Gans, 2009). The...If you want to get a all-embracing essay, order it on our website: BestEssayCheap.com
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