Question: Answer the questions below on the basis of the diagram.

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:

AVC at 6,000 units of output?

c. What does the graph indicate about:

ATC at 6,000 units of output?

d. What does the graph indicate about:

AFC at 6,000 units of output?

e. What does the graph indicate about:

TVC at 6,000 units of output

f. What does the graph indicate about:

TFC at all levels of output?

g. What does the graph indicate about:

TC at 10,000 units of output?

h. When diminishing returns set in?