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Preview File Edit View Go Tools Window Help )) 20% [4] Tue 9:43 AM Parmjot Dhaliwal Q = Mid-Term Exam #2, Spring 2018.pdf (page 8 of 8) Q Search Aal T EVO A J . . . Mid-Term Exam #2, Spring 20... 6 QUESTION #4 The short-run cost structure for a firm is shown in the following table: Q TFC TVC TC AFC AVC ATC MC answer $200 $25 $200 40 $200 48 $200 60 $200 80 $200 108 $200 140 7 CO OO VOULAWN - $200 192 $200 270 10 $200 380 (a) Complete the above table. (15 points) (b) Draw on the same diagram a typical firm's short-run average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC) curves. Explain the relationships that these four curves have with each other. (15 points) (c) If MC is increasing, does this tell you that necessarily AVC and ATC are also increasing? Explain and illustrate. (10 points) wwwr ons 8 . . . Mid-Term Exa....pdf Show All X 9 MAR 1 10 5 24 1 ... 4 W P X O Aa