Accounting Complete the table and Graph the cost curves:   Output (Q)/day Total Variable costs ($) Total costs (TC) ($) Marginal costs (MC) ($) Average Total costs (ATC) ($) Average Variable costs (AVC) ($) 0 0 635 -- ---- ---- 1 50         2 100         3 150         4 200         5 300         6 400         7 500         8 650         9 800         What is the dollar value of the fixed costs in this example? Why do marginal costs, average variable costs, average total cost have a “U” shape? That is, why do they start out high, get lower, and then higher again? For 7 units of output, what is the average fixed cost? Why does average fixed cost fall as a firm produces more of a good?

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