(a) Use this information set up a diagram (i.e., an excel chart) that shows total cost (TC) and total variable cost (TVC) of the firm per period in the short run with the level of output on the horizontal axis.
(b) Also, use this information to then set up another diagram showing the firm’s short run marginal cost (MC), average total cost (ATC), and average variable cost (AVC), with output on the horizontal axis (For the marginal cost, remember that when you graph marginal values you should always put them in the middle of the horizontal range that they are calculated over).
(c) Copy both your charts into a Word or pdf file that also has a short essay about the relationship between marginal cost (MC), average total cost (ATC), and average variable cost (AVC).
Note that you must upload your answer as one single Word or pdf file that will be reviewed by Turnitin for originality.