SCC Micro Economics Explanation of the Relevance of ATC and MC Project
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1. Copy and paste this table into a word document (and use the draw tab to complete it) OR copy the information down onto a sheet of paper. Use your knowledge of microeconomics to complete the production cost table for Frank’s Flowerstop Flower Shop. Round your answers to one decimal place.
2. Sketch (by hand, on paper) a graph of just the last 3 columns in the table. Draw your own graph below the table (do not copy a graph from the internet) that clearly demonstrates the relationships calculated in the table. Label all axis and curves.
3. In a well-written paragraph, explain the relationship between average total cost and marginal cost and why it is so important to Frank. Include a description of the relevance of the last three columns to Frank’s business.
4. If you completed this in a word document, save the file, and upload to this assignment link. If you sketched this out on paper, take a picture of your assignment and upload it to this assignment link. (Be sure that your file type is not .HEIC, Canvas does not read that file type.)
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