2 Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, averagevariable cost, AVC, and average cost, AC, if the cost function is:20.0019.0018.0017.0018.0015.00-14.00n 13.00-* 12.005 11.0010.00C= 12 + 8q - 4g? + q.Marginal cost is:MC = 8- Bq + 3qAverage fixed cost is:9.00-8.00-12AFC=7.00-6.00-5.00-4.00-Average variable cost:3.00-AVC - 8-4q +g?2.001.000.00Average cost is:Quantity, q. Units per dayAC =|If you ave viewing this on a test or quiz, you must click the graph toanable the drawing tools.

The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, average variable cost, AVC, and average cost, AC, if the cost function is: 20.00 19.00 19.00- 17.00 16.00- 15.00- 14.00 n 13.00- * 12.00 5 11.00 10.00- 9.00 8.00- 7.00- 6.00- 5.00- 4.00- 3.00- 2.00 1.00 0.00 C= 12 + 8g - 4g +g. Marginal cost is: MC- 8- 8q + 3q Average fixed cost is: 12 AFC= Average variable cost: AVC = 8- 4q + 9? Average cost is: Quantity, q. Units per day AC = If you are viewing this on a test or quiz, you must click the graph to anable the drawing fools.