There is a different short-run ATC curve for each level of * variable cost. variable inputs. fixed costs. O long-run average total cost. output prices.

Figure 7.3 shows the short-run cost curves for a producer. In the figure below, lines H. J. and K represent: Figure 7.3 Select one: O a marginal product, average product, and total product, respectively. average fixed cost, average total cost, and average variable cost, respectively. marginal cost, average total cost, and average variable cost, respectively. average total cost, marginal cost, and average variable cost, respectively. marginal cost, average product, average total cost, respectively

Given the cost information below, answer the following questions. Output 0 Total Cost $ 10.00 19.76 29.06 37.90 46.31 54.30 Instructions: Enter your answers rounded to two decimal places. a. When output is 1, total variable cost is $ b. When output is 2, average fixed cost is $ c. When output is 3, average variable cost is $ d. When output is 4, average total cost is $ e. When output is 5, marginal cost is $ 1 2 3 4 5 9.76 8.84 12.63 Saved

The upward sloping portion of a long-run average cost curve illustrates diseconomies of scale. constant returns to scale. O diminishing marginal returns.