Production Costs - Chap. 8 H.W. Asg. Average-Cost Data Marginal Cost Total Cost Data 1 7 {7} 5} {6} Product) [Cost O Cost Vg | [ [ [ [ [We-changewtc T O T T 71 o [ e [ s [ [ [ [ [ {8} Marginal Cost (MC) change in Q 1.Fill in {7} col. using Total Cost data, i.e.Col.{4}. Show an example of your calculations. 2. Draw Average Total Cost curve, Avg. Variable Cost & Marginal Cost curve together on one graph. 3. What is the quantity where the Avg. Total Cost and Marg. Cost curves intersect. quantity = 4, Explain the 2 reasons why the Avg. Variable Cost is U-shaped? U-shaped means AVC decreases and then increases. A, Why does it slope down? B. Why does it slope up? 5. What is happening to Avg. Total Cost at the point where Avg. Total Cost &Marg. Cost curves intersect