State the behavior of Total Variable Cost. Draw Total Variable Cost, Total Cost and Total Fixed Cost curves in a single diagram

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State the behavior of Total Variable Cost. Prepare a Schedule showing Total Variable Cost and Total Cost.

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Solution

TVC initially rises at decreasing rate and after a level of output at an increasing rate

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Similar questions

Draw total variable cost, total cost and total fixed cost curves in a single diagram, and explain the figure.

Calculate Total Variable Cost and Marginal Cost from the following cost schedule of a firm whose Total Fixed Costs are Rs. 12 :

$\begin{matrix} Output (Units) & 1 & 2 & 3 & 4 Total cost (Rs) & 20 & 26 & 31 & 38 \end{matrix}$

Labour Employment (Units)	1	2	3	4	5	6	7	8	9	10
Output (Units)	5	10	17	25	40	56	70	82	90	95

What are the total fixed cost, total variable cost and total costs of a firm? How are they related?

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