ECON1102 Question 3 A. Define marginal revenue and marginal cost. (2 marks) B. The following information is a summary of a firm's costs (in dollars) associated with the production of output Q. Q FC VC TC 10 MC 10 28 AVC ATC 20 10 32 30 10 44 40 10 56 50 10 80 60 10 128 i. Calculate MC, AFC, AVC and ATC associated with each level of output. (12 marks) ii. From calculations at i., sketch AFC and AVC on the same axes. (6 marks) (Total 20 marks)