3. A firm has a total fixed cost of $60 and total variable costs as indicated in the table. Complete the table and check your calculations by referring to problem 4 at the end of Chapter 10. L09.3 a. Graph total fixed cost, total variable cost, and total cost. Explain how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves. b. Graph AFC, AVC, ATC, and MC. Explain the derivation and shape of each of these four curves and their relationships to one another. Specifically, explain in nontechnical terms why the MC curve intersects both the AVC and the ATC curves at their minimum points. c. Explain how the location of each curve graphed in question 3b would be altered if (1) total fixed cost is $100 rather than $60 and (2) total variable cost is $10 less at each level of output. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \begin{tabular}{c} Total \\ Product \end{tabular} & \begin{tabular}{c} Total \\ Flxed Cost \end{tabular} & \begin{tabular}{c} Total \\ Variable Cost \end{tabular} & \begin{tabular}{l} Total \\ Cost \end{tabular} & \begin{tabular}{l} Average \\ Fixed Cost \end{tabular} & \begin{tabular}{c} Average \\ Variable Cost \end{tabular} & \begin{tabular}{l} Average \\ Total Cost \end{tabular} & \begin{tabular}{c} Marginal \\ Cost \end{tabular} \\ \hline 0 & 5 & $0 & $ & & & $ & \\ \hline 1 & - & 45 & & $ & $ & & \\ \hline 2 & & 85 & & & & & \\ \hline 3 & & 120 & & & & & \\ \hline 4 & & 150 & & & & - & \\ \hline 5 & & 185 & - & - & & & \\ \hline 6 & & 225 & & & - & & \\ \hline 7 & & 270 & & & & & \\ \hline 8 & & 325 & & & & & \\ \hline 9 & & 390 & & - & & & \\ \hline 10 & - & 465 & L & - & & & \\ \hline \end{tabular}