Given the following table:
Complete the following table (round each answer to the nearest whole number):
Total Variable Fixed Marginal Average Avg. Var. Avg. Fixed
Output Cost Cost Cost Cost Cost Cost Cost
0
1 5
2 30
3 13
4 105 10
5 110
6 50

Complete the table then draw the following curves (on a single graph):
? Short-run average cost curve;
? Short-run marginal cost curve.

Use the information from the graphs to answer to the following questions:
1) At what level of output does average cost reach its minimum?
2) Over what range of output does diminishing returns occur?
3.Consider the following statements when answering this question
I. The marginal cost curve intersects the average total cost and average variable cost curves at their minimum values.
II. When a firm has positive fixed costs, the output level associated with minimum average variable costs is less than the output associated with minimum average total costs.
Choose the best alternative
a.I is true, and II is false.
b.I is false, and II is true.
c.I and II are both true.
d.I and II are both false.
**Please post the graph in a separate file.

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