1. If you know the AFC at a particular quantity, then you can figure out

A) the fixed cost at that quantity.
B) the ATC if you know the AVC at that quantity.
C) the AVC if you know the ATC at that quantity.
D) the total cost if you know the AVC at that quantity.
E) all of the answers above are correct.

2. If you have a graph of ATC and AVC, then which of the following CANNOT be figured from the graph?

A) P of the product
B) AFC
C) VC
D) AVC
E) TC

3. Given the information below, what is the correct answer?

i) FC = difference between ATC and AVC x Q
ii) VC = difference between ATC and AFC x Q
iii) TC = ATC x Q

A) i) only
B) i) and ii) only
C) i) and iii) only
D) ii) and iii) only
E) i), ii), and iii)