Question: 11) The figure below shows the short run average total cost (ATC), average variable cost (AVC), and marginal cost (MC) of a firm. ATC, AVC,

11) The figure below shows the short run average total cost (ATC), average variable cost (AVC), and marginal cost (MC) of a firm. ATC, AVC, MC (TL/kg) MC 4 ATC 3 AVC 2 Q (kg) 2 3 4 5 Assuming that the firm is operating in a perfectly competitive market, answer the following questions. You should show your calculations. Also you can use approximate values if you can not read the exact value from the graph above. a. (2pts.) Find the fixed cost of the firm. b. (2pts.) What is the total cost of producing 2 kg of output? What is the variable cost of producing 2 kg of output

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