Fairview Construction, Inc (I)What Is the Firm's Average Fixed Cost When Q =

Essay

Fairview Construction, Inc., has the following short-run total cost schedule:
$$\begin{array} { l r r r r r r r r r r r } Q & 0 & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 & 9 & 10 \\T C & 50 & 58 & 62 & 64 & 65 & 67 & 71 & 78 & 88 & 102 & 121\end{array}$$
(i)What is the firm's average fixed cost when Q = 5?
(ii)What is the firm's average variable cost when Q = 7?
(iii)What is the firm's average total cost when Q = 8?
(iv)
What is the firm's marginal cost when Q = 9?
(v)
At what level of output does the firm begin to experience diminishing returns?