(Solved): please help \( \) Short-run costs of a hypothetical firm AVC =average variable ...

\( < \) Worksheet \( 12> \) Short-run costs of a hypothetical firm AVC =average variable cost: \( \mathbf{T C}= \) total cost \( \mathbf{A T C}= \) average total cost; \( \mathbf{F C}= \) fixed cost, \( \mathbf{A F C}= \) average fixed cost, \( \mathbf{V C}= \) variable cost; AVC=average variable cost: \( \mathbf{T C}= \) total cost, \( \mathbf{A T C}= \) average total cost, \( \mathbf{M C =}= \) marginal cost; \( Q \) represents the quantity of output 1. Complete the table above. 2. Describe the shape of average total cost (ATC) curve. What is the relationship between MC and ATC? (i.e, what happens to ATC when MC>ATC, and ATC when MCA V C \), and \( A V C \) when \( M C