OUTPUTTotal CostFixed CostVariable CostAverage Variable ...

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OUTPUT	Total Cost	Fixed Cost	Variable Cost	Average Variable Cost	Average Total Cost
0	$100	$100	​	​	​
1	$140	$100	$40	$40	$140
2	$160	$100	$60	$30	$80
3	$200	$100	$100	$33.33	$67
4	$240	$100	$140	$35	$60
5	$330	$100	$230	$46	$66

The table above gives the cost schedule for The X Firm. The data show that The X Firm's ________ curve is ________.
◦ ATC; U-shaped because the firm fixed costs are spread over larger amounts of output and the firm experiences decreasing marginal returns
◦ AFC; U-shaped because the firm spreads its fixed costs over larger and large amounts of output
◦ AVC; always declining because costs are divided across ever-increasing amounts of output
◦ MC; U-shaped because explicit costs exceed implicit costs
◦ ATC; U-shaped because output increases as costs increase

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