1. What is the average total cost for the 10th unit of output?
2. Why does the marginal cost of producing the product fall and then rise? (What is the relationship between the cost curves and the production function?)
3. What is the relationship between the marginal cost and the average variable and average total costs? You may fill in all the appropriate numbers and draw a graph with MC, TVC, AVC, TC, ATC, TFC, and AFC