Graphically show the relationship between the average total cost, variable cost and marginal cost cost curves

Fill in the following cost table.  For the first few rows, you can work from left to right.  However, as you get to the last two rows, you will need to use the information from the right side of the table to work back to the left side.  We do not calculate average costs at a quantity of 0.   Q TFC TVC TC AFC AVC ATC MC 0 5,000 0   XXXXXX XXXXXX XXXXXX XXXXXX 1   3.000         3,000 2   5,000           3     11,000         4           3,250   5             4,000 Can you tell if this is the short run or long run? Can you tell which level of output yields the highest profit? If so, what is the output level?  If not, explain. Economists define the “Break-even Price” as the lowest point on the average total cost curve or the lowest average total cost given in a table. What is the break-even price in this problem? Economists define the “Shutdown Price” as the…

How does fixed cost affect marginal cost? Why is this relationship important?

Is fixed cost always smaller than total cost ?

With appropriate examples explain how marginal cost is related only to total variable cost.