Final answer:
The minimum cost schedule is a table that shows the price and quantity at which the cost is minimized. It helps in determining the optimal production level for a firm. To find the minimum cost schedule, we need to calculate the average cost and average variable cost at different quantities.
Step-by-step explanation:
The minimum cost schedule is a table that shows the price and quantity at which the cost is minimized. It helps in determining the optimal production level for a firm. To find the minimum cost schedule, we need to calculate the average cost and average variable cost at different quantities.
Let's say the average cost formula is given by: Average Cost = Total Cost / Quantity.
The average variable cost formula is given by: Average Variable Cost = Variable Cost / Quantity.
To find the minimum cost schedule, we need to identify the quantity at which the average cost and average variable cost are minimized.