06+Production

A beginning diagram is shown below. The initial diagram is a Price/Quantity grid with a short run ATC curve. Add a new layer. To the grid add the rest of the short run cost curve family: AVC, MC, and AFC. use different colors for each. Add another layer, label the curves. Upload the completed diagram to this Wiki page, then in the explanation field explain what you have diagrammed.

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 * Num || Name || Diagram ||  ||
 * 1 || Sally Smith

I started out by adding the marginal cost curve, which intersects the average total cost curve at the minimum, which occurs at (45, 4). I then added in the average variable cost curve which is in a u shape that allows lies below the average total cost curve. The last curve I added in was the average fixed cost curve. Since the fixed cost is never changing, this curve has a negative slope and lies below the average total curve. The sum of the average variable cost and the average fixed cost equals the average total cost (although that is not portrayed in my graph). ||  || ||
 * 2 || John Doe

MC (Marginal Cost) originally falls with increased output bringing ATC down with it. MC eventually increases with increased output bringing ATC up with it. MC intersects with ATC and AVC at their minimum. AVC (Average Variable Cost) also falls with increased output at first and eventually increases with output, but with less of a slope. AFC (Average Fixed Cost) starts at a specific point and decreases as output increases. ||  ||
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