A firm faces total fixed costs (TFC) of 645 and Average Variable costs (AVC) as shown in the following table,

Product Q

AVC

AFC

ATC

TC

MC

1

17

2

15

3

14

4

15

5

19

6

29

Fill in the remainder of the table, where AFC is the average fixed cost, ATC is the aberae total cost, TC is the total cost, and MC is the marginal cost

(70%)

Use a diagram to show AVC, ATC, MC. What do you observe with respect to the MC curve and the points where it meets the ATC and AVC curves respectively.