Students MC ($) AC ($) Total cost ($) Undergraduates 2,750 7,259 7,659 21,062,250 5,500 6.548 7,348 40,414,000 8,250 5.838 7,038 11,000 5,125 6,727 73,997,000 13,750 4.417 6,417 88,233,750 16,500 3,706 6,106 100,749,000 Students MC ($) AC ($) Total cost ($) Graduates 550 6,541 12,140 6,677,000 1,100 6,821 9.454 10,339,400 1,650 7,102 8.672 2,200 7,383 8,365 16,403,000 2,750 7.664 8.249 22,684,750 3,300 7,945 8,228 27,152,400 You can see the average and marginal costs per student for the year 1990-91 that Koshal and Koshal (http://tinyco.re/8137580) calculated from their research. 1) How do average costs change as the numbers of students rise? 2) Using the data for average costs, fill in the missing figures in the total cost column. 3) Plot the marginal and average cost curves for undergraduate education on a graph, with costs on the vertical axis and the number of students on the horizontal axis. On a separate diagram, plot the equivalent graphs for graduates. Present both as a single attachment here. 4) What are the main differences between the universities' cost structures for undergraduates and graduates? 5) Come up with explanations for the shapes of the graphs you have drawn