Draw the short-run MC, AVC, and AC curves. Please use no less than 5 points for each curve. Label all axes, curves, and coordinates. Explain why the short-run MC is J-shaped.Explain why the short-run AVC and AC curves are U-shaped. QTFCTVCTCAVCATCIACMC25b. 25------1253283283255.530.5с. 2.7515.252.53257322.3310.661.542510.535.52.628.873.5f. 25154038.4.52522473.66d. 7.83772531.556.54.58.079.58.2545705.628.7513.59.25638879.77181025841098.410.9е. 21Fill the table above and give complete solutions from A to E.

a. Below is the well labelled graph

Answered: Draw the short-run MC, AVC, and AC…

Draw the short-run MC, AVC, and AC curves. Please use no less than 5 points for each curve. Label all axes, curves, and coordinates.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Draw the short-run MC, AVC, and AC curves. Please use no less than 5 points for each curve. Label all axes, curves, and coordinates.
Explain why the short-run MC is J-shaped.
Explain why the short-run AVC and AC curves are U-shaped.

Q
TFC
TVC
TC
AVC
ATCIAC
MC
25
b. 25
--
--
--
1
25
3
28
3
28
3
25
5.5
30.5
с. 2.75
15.25
2.5
3
25
7
32
2.33
10.66
1.5
4
25
10.5
35.5
2.62
8.87
3.5
f. 25
15
40
3
8.
4.5
25
22
47
3.66
d. 7.83
7
7
25
31.5
56.5
4.5
8.07
9.5
8.
25
45
70
5.62
8.75
13.5
9.
25
63
88
7
9.77
18
10
25
84
109
8.4
10.9
е. 21
Fill the table above and give complete solutions from A to E.

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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