1. Fairweather Construction, Inc., has the following short-run total cost schedule: Q 0 1 2 3 4 5 6 7 8 9 10 11 TC 100 106 109 110 112 115 119 124 130 137 145 155 (i) What is the firm’s average fixed cost when Q = 5? (ii) What is the firm’s average variable cost when Q = 4? (iii) What is the firm’s average total cost when Q = 4? (iv) What is the firm’s marginal cost when Q = 10? (v) At what level of output does the firm begin to experience diminishing returns?
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