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Question Three (10 marks) Refer to the diagram below. Caplal {K) o 5 9 14 Labor (L) Assume that a firm is producing at point

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Question Three (10 marks) Refer to the diagram below. Caplal {K) o 5 9 14 Labor (L) Assume that a firm is producing at point Y. a) Construct a graph of the Short-Run Total Cost curve, showing the Total Cost at 10, 20, and 30 units of output. (2 marks) b) On the same diagram, graph the Long-Run Total Cast Curve, showing the Total Cost at 10, 20, and 30 units of output. {2 marks) } Onanew diagram, graph the Short-Run ATC curve, showing the ATC at 10, 20, and 30 units of output. (3 marks) d) On the diagram from ), construct the Long-Run ATC curve, showing the ATC at 10, 20, and 30 units of output

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