Question: Using the table below, Q TFC ($) TVC ($) TC ($) ATC ($) MC ($) 0 240 NA NA 1 329 2 370 3 147

Using the table below, Q TFC ($) TVC ($) TC ($) ATC ($) MC ($) 0 240 NA NA 1 329 2 370 3 147 4 164 5 205 6 294 7 455 8. Complete the table. 9. Graph "average total cost" and "marginal cost" in one diagram. 10. The MC curve crosses the ATC curve when Q is _____. 11. ATC increases eventually. Briefly explain why. 12. Explain why the phenomena you see in #11 may not apply in the long run. ---------------------------------------------------------------------------------------------------------------------

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