(Solved): 5. Define total cost, average total cost, and marginal cost, How are they related? 6. Draw the marg ...

5. Define total cost, average total cost, and marginal cost, How are they related? 6. Draw the marginal-cost and average-total-cost curves for a typical firm. Explain why the curves have the shapes that they do and why they cross where they do. 7. How and why does a firm's average-total-cost curve differ in the short run compared with the long run? 8. Define economies of scale and explain why they might arise. Define diseconomies of scale and explain why they might arise.