Define total cost, average total cost, and marginal cost. How are they related? Draw the marginal-cost and average-total-cost curves for a typical firm. Explain why the curves have the shapes that...

Define total cost, average total cost, and marginal

cost. How are they related?

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.