Costs a. Given the following chart and information fill in the missing values. Please write on a sep

Question: Costs

a. Given the following chart and information fill in the missing values. Please write on a separate sheet.

Output	TFC	TVC	TC	MC	AFC	AVC	ATC
0	$2,000						--
50							100
100							80
150							60
200							50
250							60
300							85
350							125

b. Please graph your results. Draw both the average and total cases making sure to explain each as well as explain any important relationships or trends in the curves.

c. In general explain how we get at LRAC curve. Please show with 3-4 ATC curves how it is formed and why it is u-shaped in general.

d. In a new LRAC graph explain how a firm would choose to produce two levels of Q, with Q↓ if we consider that we are going from two points both on the upward sloping portion of the LRAC.

Hint: Use an illustration like the one below but start and finish on the upward sloping portion of the graph: