Part II: Fill in the blank (4 pts. each) 1. average fixed cost_(AFC). (TFC) divided by output. is equal to the total fixed costs 2. The range of a set lowest number in a set. is the difference between the highest and 3. If the percentage change in cost divided by the percentage change in output is greater than one, then there exists returns to size. 4. is the largest asset on US ag producer's balance sheets. 5. The least cost combination of inputs is found at the level where the input