Answer the following questions: a. What is the firm's fixed cost? b. If the firm produces five units, what is the average total cost? c. What is the total cost of producing four units? d. If the firm closes down and produces no output, what will be its total cost? e. If the firm decides to increase its output from 6 to 7 units, by how much will its total cost increase? 6. Answer the questions below on the basis of the diagram. $10 MC. ATC co AVC ..... Cost per unit - NW . ... . . . . - . .. E .... . . . . O 1 2 3 4 5 6 7 8 9 10 Quantity (in 1,000s)a. ATC at 6,000 units of output? b. AFC at 6,000 units of output? c. TVC at 6,000 units of output? d. TFC at all levels of output? e. TC at 10,000 units of output? f. AVC at 6,000 units of output?5. The information about the costs of a firm is given below. Output AFC, $ AVC, $ 1 50.00 100.00 2 25.00 80.00 3 16.67 66.67 4 12.50 65.00 5 10.00 68.00 6 8.37 73.33 7 7.14 80.00 8 6.25 87.50