Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Marginal Fixed Variable Total Average fixed Average total Average Quantity variable cost cost cost cost cost cost cost $50.00 1 $68.00 $85.00 3 $380.00 4 $30.00 What is the total cost when producing zero units? Determine if the statements and expressions regarding costs are true or false. True False Average fixed cost is always higher than average variable cost. All costs are either fixed or variable. When fixed costs are positive, the average fixed cost curve is downward- The ATC is always greater than or equal to AVC. sloping. The ATC crosses the MC at the lowest point on the MC. FC+ VC ATC The ATC is rising when the MC is below the ATC. The ATC is increasing whenever the MC is increasing. The VC curve is modeled as a horizontal line. MC refers to the change in total cost associated with the production of TC = FC + VC + MC another unit.

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