Problem
Suppose Honda's total cost of producing 4 cars is $225,000 and its total cost of producing 5 cars is $250,000
a) What is the average total cost of producing 5 cars?
b) What is the marginal cost of the fifth car?
c) Draw the marginal cost curve and the average total cost curve for a typical firm, and explain why these curves cross where they do
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.