Cost Problem Sugar Plum Oak is an Amish, handmade, furniture production company based in Norfolk, NE. One of their signature items is handmade rocking chairs.

Suppose you are analyzing weekly cost data for handmade rocking chairs at a firm like Sugar Plum Oak.

a) Using the Total Cost schedule provided, calculate total and average fixed cost and variable cost, average total cost, and marginal cost.

Q Total Cost TFC TVC ATC AFC AVC MC 0 $525.00 1 $552.50 2 $585.00 3 $622.50 4 $665.00 5 $712.50 6 $765.00 7 $822.50 8 $885.00 9 $952.50 10 $1,025.00 11 $1,102.50 12 $1,185.00 13 $1,272.50 14 $1,365.00 15 $1,462.50 16 $1,565.00 17 $1,672.50 18 $1,785.00 19 $1,902.50 20 $2,025.00 b) Use Excel to graph ATC, AVC, and MC. c) What does the space betweenATC and AVC in the graph represent? The space between ATC and AVC in the graph represents d) Using the same graph, at how many units does MC intersect the ATC curve? Q = units e) Is ATC maximized or minimized at this point? ATC is at this point.