Question: PROBLEM 2. Answer the questions below on the basis of the diagram $10 Cost per unit 1 2 3 4 5 1 6 7 8

PROBLEM 2. Answer the questions below on the basis of the diagram $10 Cost per unit 1 2 3 4 5 1 6 7 8 9 10 Quantity (in 1,000s) (a) How can you tell if these cost curves are for the short run or the long run? (b) What does the graph indicate about: (1) AVC at 6000 units of output? (2) ATC at 6000 units of output? (3) AFC at 6000 units of output? (4) TVC at 6000 units of output? (5) TFC at all levels of output? (6) TC at 10,000 units of output? (7) When diminishing returns set in

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