1. An industry consists of many identical firms, each with the shortrun cost function C(31): 80 + 2531 6312 +313 a. Derive the average cost, average variable cost, and marginal cost curves of a firm. b. Compute the outputs at which the AC, MC, and AVC curves reach their minimums. c. Why does the minimum of the AVG curve occur at a lower output than the minimum of the AC curve