Question

Assume that​ "cost of​ processing" includes all labor and​ materials, including the​ owner's wages. Assume further that​ Isabel's family signed a​ long-term contract​ (20 years) with a service company to keep the machines in good repair for a fixed fee of ​$3 comma 650 per​ year, or ​$10 per day. Derive the​ firm's total cost curve. ​1.) Using the multipoint curved line drawing tool​, draw the total cost curve. Properly label your curve.

Answer 1

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Step-by-step explanation:

In the field of economics, to draw a graph that will show a cost curve of any item will involve the costs of production as a function of the overall quantity that was produced. When there’s a free market economy, productively effective and efficient firms optimize their production procedures by reducing their cost consistent with each potential level of production, thereby resulting into a cost curve.

Kindly check the attached images below to see the full explanation and the graphical presentation of the total cost curve.