1.Fill in {7} col. using Total Cost data, i.e.Col.{4}Fill in {7}using Avg cost data, i.e.Col.{5}&{6}Show anexample of your calculations for both.2. Draw the Average Variable Cost curve, Average Total Cost curve and the Marginal Cost curve all together on one graph. *See next sheet.3. What is the quantity where the Avg. Variable Cost and Marg. Cost curves intersect.quantity*=___________ .4.Why is Avg. Variable Cost curve U-shaped in the Short Run? (U-shaped means AVC decreases and then increases.y Hint: See your textbook.5.What is happening to Avg. Variable Costs at the point to the left of where Marg. Cost curve intersects Avg. Variable Cost curve?

Short Run Production Costs H.W. Asg., (Ch. 8) Average-Cost Marginal Data Cost Total Cost Data (7'} 18} Avera Avera {1} (31 {5} ge Average ge Marginal Avera Quanti ge Variab Total ty Total Total Total Fixed le Total Cost Cost Cost Variab Cost Cost Cost (Total Fixed le (TC) (AFC) (AVC) (ATC) (ATC') (MC) Produc Cost t) Cost (TFC) (TVC) MC= change in TC change in Q $10 O $100 $0 0 100 90 N 100 170 3 100 240 100 300 5 100 370 6 100 450 7 100 540 8 100 650 9 100 780 10 100 930