IIf you have the data of Total cost (TC)= 15, 25, 30, 40, 55, 75, 100 against units of output (Q) = 1,2,3,4,5,6,7. You are required to (a) calculate the values of Marginal Cost (MC) and Average Cost (AC) (b) Define Returns to Scale (c) Over what range of labor input is economies of scale? (d) Over what range of labor input is diseconomies of scale ?(e) Over what range of labor input is neither economies nor diseconomies of scale

Match each definition in column 1 with a vocabulary word from column 2." some of the entries in column 2 do not apply costs which do not change with the level of output costs which change with the level of output the change in total costs resulting from an increase in output by one unit function showing the quantities of a particular good demanded at a range of price when the quantity supplied of a good is greater than the quantity demanded when the quantity demanded for a particular good is greater than the quantity supplied the price and quantity determined in a market when the supply equals the demand when revenue exceeds costs when costs exceeds revenue output where revenue = costs