1. On Production and Costs - Firms are successful when they not only meet demand, but also when they grow. Indeed, understanding the costs of growth is where managerial economics comes in handy. Define, discuss, and illustrate the following relationships within a typical firm: a MC, ATC, AFC, AVC i. In essence, provide a scenario, illustrate the curves and explain what the curves represent b. Additionally, show a firm experiencing economies and diseconomies of scale i. What do these phenomena mean