Louisiana State University, Shreveport ECON ECON 705 You have collected the following data on output and total variable…

Louisiana State University, Shreveport ECON ECON 705 You have collected the following data on output and total variable…

You have collected the following data on output and total variable costs:

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Louisiana State University, Shreveport ECON ECON 705 You have collected the following data on output and total variable…
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QTVC ($)
1013,900
2021,200
3024,300
4025,600
5027,500
6032,400
7042,700
8060,800
9089,100
100130,000
  1. Identify the range of output exhibiting increasing returns (increasing MP), and the range exhibiting diminishing returns (decreasing MP).
  2. Current fixed costs for the company equal $9,500. Draw two graphs, both with Q on the horizontal axis: one graph shows TVC and TC, and the other shows AVC, ATC, and MC.
  3. Suppose that the government imposes a $5,575 property tax hike on all businesses; how will that affect your two graphs; i.e., which cost curves will be affected and how?

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