Question
What is total cost, average cost and marginal cost? Explain the relationship between average cost and marginal cost with the help of a table and diagram.
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| Commodity | W | $P_0$ | $P_1$ |
| 2012 | 2016 | ||
|
A
|
10
|
15
|
20
|
|
B
|
8
|
10
|
12
|
|
C
|
6
|
5
|
8
|
|
D
|
6
|
10
|
13
|
|
E
|
4
|
4
|
5
|
|
Size of Land Holdings (in acres)
|
|||||
|
Less than
|
100
|
100-200
|
200-300
|
300-400
|
400 and above
|
|
Number of families
|
|||||
|
40
|
89
|
148
|
64
|
39
|
|
|
Class Interval
|
Frequency (f)
|
|
13-25
|
6
|
|
25-37
|
11
|
|
37-49
|
23
|
|
49-61
|
7
|
|
61-73
|
3
|
|
Total
|
50
|