In cell E7, by using an absolute cell reference, enter the total fixed cost. Refer to an appropriate cell among D7-D27. Copy the formula from cell E7 down the column to cell E27. In cell F7, by using cell references, calculate the total variable cost. Use cells D7 and E7. Copy the formula from cell F7 down the column to cell F27. In cell G8, by using cell references, calculate the average total cost. Use cells C8 and D8. Copy the formula from cell G8 down the column to cell G27. In cell H8, by using cell references, calculate the average fixed cost. Use cells C8 and ES. Copy the formula from cell H&8 down the column to cell H27. In cell 18, by using cell references, calculate the average variable cost. Use cells C8 and F8. Copy the formula from cell 18 down the column to cell 127. In cell J8, by using cell references, calculate the marginal cost. Use cells D7 and D8. Copy the formula from cell J8 down the column to cell J27. B C D E G H Cost Problem Sugar Plum Oak is an Amish, handmade, furniture production company based in Norfolk, NE. One of their signature items is handmade rocking chairs. Suppose you are analyzing weekly cost data for handmade rocking chairs at a firm like Sugar Plum Oak. a) Using the Total Cost schedule provided, calculate total and average fixed cost and variable cost, average total cost, and marginal cost. Q Total Cost TFC TVC ATC AFC AVC MC 0 $525.00 $552.50 $585.00 $622.50 $665.00 $712.50 D DO J GUI A W N $765.00 $822.50 $885.00 $952.50 10 $1,025.00 11 $1,102.50 12 $1, 185.00 13 $1,272.50 14 $1,365.00 15 $1,462.50 16 $1,565.00 17 $1,672.50 18 $1,785.00 19 $1,902.50 20 $2,025.00 b) Use Excel to graph ATC, AVC, and MC. c) What does the space between ATC and AVC in the graph represent? The space between ATC and AVC in the graph represents d) Using the same graph, at how many units does MC intersect the ATC curve? 2 = units e) Is ATC maximized or minimized at this point? ATC is at this point