7. Now determine this firm’s marginal and average spending levels for each of the production levels given. Fill this data into the cells of the table below and then use

7. Now determine this firm’s marginal and average spending levels for each of the production levels
given. Fill this data into the cells of the table below and then use this information to show the
general shapes of these four cost curves on the following graph. Be sure to label your fiinctions
and axes. In addition, show in the space below how you found these values by giving the
formulas you used and by showing your calculations of MC, AFC, AVC and ATC for the
production of 150 souvenirs. (Some numbers may be too large to plot; leave these numbers off your graph Number of Number of
Workers red Souvenirs Marginal Cost Average Fixed Average Average Total
Produced MC Cost AFC Variable Cost Cost ATC _il_fl— —
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m—— —
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