Microeconomic Analysis practice questions:

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Question 10 (2 points) Q6E3. Diagram and upload to Dropbox the short-run average cost curves graph and describe the relationship between the short-run average total cost curve and the short-run average variable cost curve.Question 11 {2 points) Q6E4. Describe the relationship between the marginal cost curve and the short-run average variable cost curve. Question 7 (2 points] QR. Describe why sunk costs are not relevant to the production capacity decision- making process. Question 8 (2 points) Q6E1. Explain why a change in a firm's total fixed cost of production will shift its average total cost curve but not its marginal cost curve.Question 9 (2 points) Q6E2. The following quotation appeared in a Wall Street Journal article on the battle for market share in the automobile industry in 2000: "The huge fixed costs involved in the developing new vehicles and running big auto factories means auto makers feel compelled to maintain-or expand-market share. Losing share long term could mean shutting down factories or running factories at unprofitable rates." Do these statements support the economic theory and show that economies of scale do not benefit a firm if the output level is small