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2 1/ 1 point Using the information in the chart, plot the three average total cost curves in the same diagram. Determine the long run average total cost curve and show it in the same diagram. Identify the LRATC associated with each of the following quantities: 1, 2, 3, 4, 5, 6. Submit your graph for this question to the Unit 4 Free Response dropbox. Quantity ATCI ATC2 ATC3 $30 $40 $50 $20 $25 $30 $10 $15 $20 $20 $5 $15 $30 $20 $10 $40 $30 $20Your Answers: 0.75 / 1 point The graph shows the short-run cost structure of a firm in a perfectly competitive industry (a) Identify the cost curves that are denoted by each of the following labels. () Curve 1 10) Curve 2 iii Curve 3 b) Explain why curve 1 initially decreases and finally increases as output increases. What measure of cost is represented by the vertical distance between curve 2 and curve 3? ) Explain why the vertical distance between curve 2 and curve 3 decreases as output increase el Using the letters on the graph, identify two points on the firm's short run supply curve Curve I Curve ? R Curve3 0.67 / 1 point Using the graph, answer the following: (a) At an output of 10 units, compute TC. TVC, and TFC. (b) At an output of 10 units, what is AFC? (c) Suppose the firm reduces production from 10 units to 9 units. What would be the total cost of producing 9 units? How did you find this answ S MC ATC 15 AVC 8 10 O