Please justify the answer 1.C 2.E 3.E 4.E 5.A

1. When a firm is producing zero output, total cost equals d. The AFC curve slopes upward. a. zero. e. AVC = ATC -AFC b. variable cost. c. fixed cost. 4. The slope of the total cost curve equals d. average total cost. a. variable cost. e. marginal cost. b. average variable cost. c. average total cost. 2. Which of the following statements is true? d. average fixed cost. I. Marginal cost is the change in total cost generated by one e. marginal cost. additional unit of output. 5. Q VC TC II. Marginal cost is the change in variable cost generated by 0 $0 $40 one additional unit of output. 20 60 III. The marginal cost curve must cross the minimum of the 2 50 90 average total cost curve. 3 90 130 a. I only 140 180 b. II only 200 240 c. III only d. I and II only On the basis of the data in the table above, what is the marginal e. I, II, and III cost of the third unit of output? a. 40 3. Which of the following is correct? b. 50 a. AVC is the change in total cost generated by one additional C. 60 unit of output. d. 90 b. MC=TC/Q e. 130 c. The average cost curve crosses at the minimum of the marginal cost curve