Summer – chapters A firm’s cost curves are given in the following table. TFC 45 45 45 45 45 45 45 45 45 45 45 q 0 1 2 3 4 5 6 7 8 9 10 TC 45 73 97 113 123 142 172 204 244 292 348 TVC 0 28 52 68 Question 1, Text Problem 2.5b Part 1 of 2 78 97 127 159 199 247 303 AVC 28.00 26.00 22.67 19.50 19.40 21.17 22.71 24.88 27.44 30.30 ATC 73.00 48.50 37.67 30.75 28.40 28.67 29.14 30.50 32.44 34.80 MC 28 24 16 10 19 30 32 40 48 56 Using the graph on the right, draw ATC, AVC, and MC. Your curves do not need to fit the data in the table precisely-a general representation is all that is necessary. 1.) Using the 3-point curved line drawing tool, draw the average variable cost curve. Label your curve ‘AVC’. > 2.) Using the 3-point curved line drawing tool, draw the average total cost curve. Label your curve ‘ATC’. 3.) Using the 3-point curved line drawing tool, draw the marginal cost curve. Label your curve ‘MC’. Note: Carefully follow the instructions above and only draw the required objects. HW Score: 51.68%, 5.68 of 11 points O Points: 0 of 1 Cost per unit ($) 0 2 3 4 Units of output 8 9 10 11 12 Save
