Question: Explain the difference between Average Fixed Cost, Average variable Cost, Average Total Cost, Total cost and Marginal , add an example to illustrate your ideas.

  • Explain the difference between Average Fixed Cost, Average variable Cost, Average Total Cost, Total cost and Marginal , add an example to illustrate your ideas.

  • Explain the difference between Average Product and Marginal Product. Add an example to illustrate your ideas.

(I already got the top two bullet points) but need help with the ones below

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  • Detail how you graph each of the curves, make sure to explain how each is determined and how it moves and the labels that are included in the graph.

  • Next, develop a scenario that illustrates each of the concepts above. Draw a graph illustrating each cost curve and product curve.

  • Explain how your graph illustrates your scenario.

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