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Problem 1: The Costs of Production Consider the following hypothetical example of a car manufacturing firm. The total fixed costs, include premises, machinery and equipment needed to manufacture cars, and are E80,000, irrespective of how many cars are produced. Total variable costs will increase as output increases. a) Calculate the costs for the firm in the table below. b) Represent graphically the AFC, AVC, ATC and MC in one graph. Explain the graph. Total Total Variable Total Average Average Variable Average Total Marginal Output Fixed Cost Fixed Cost Cost Cost Cost Cost Cost 80 50 2 90 3 100 4 120 150 6 200 300