c. Describe the shape of the average fixed cost curve. How does its shape differ from that of the average variable cost and average cost curves? The average fixed cost curve is a (Click to select) | that becomes flatter at higher quantity levels. This differs from the shape of the (Click to select) and (Click to select) |curves, both of which are (Click to select) v d. At what quantity, referring to the quantities in column (2) in the table above, do average variable cost and marginal cost have the same value? At what quantity, referring to the quantities in column (2) in the table above, do average cost and marginal cost have the same value? Marginal cost and average variable cost pass through the same set of values at a quantity of (choose from the quantities listed in the total product column above). Marginal cost and average cost pass through the same set of values at a quantity ofThe daily short-run costs of Pete's hamburger joint are shown in the table below. a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Note: Round 0.005 up to 0.01. (1) (2) (3) Labour Marginal (4) (5) (6) (7) (9) (8) Total Product (workers per Average Average (10) Marginal (burgers per Product Fixed Variable (burgers per Costs Costs Total Cost Cost Variable Average Cost 1:51:07 day) day) ($ ) Fixed Cost day) ($ ) ($ ) ($) ($) Cost ($) ($ ) 0 0 100 0 1 110 230 2 402 460 3 570 690 4 670 920 5 698 1 , 150 b. Draw a graph showing the marginal cost, average fixed cost, average variable cost, and average cost curves. Using the tools provided plot 5 points for the marginal cost curve, 5 points for the average fixed cost curve, 5 points for the average variable curve and 5 points for the average cost curves for a total of 20 points. To manually plot values first click on the line segment between two points plotted in the graphing area then click on the icon of a widget to bring up the manual data entry box. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the horizontal axis Short Run Costs Pete's Burger Joint Tools 10 9 1 Marginal Cost Average Varia n Burger Average Cost Average Fixed