What do the Marginal, Average Total, Average Variable, and Average Fixed Cost Curves look like in general---**Title:**
The Marginal, Average Total, Average Variable, and Average Fixed Cost Curves looks like in general
**Chart 1 (Top): Total Cost Curves**
* **Type:** Line chart.
* **X-axis:** Labeled "Q" (Quantity of Output), with specific quantities marked Q1, Q2, Q3.
* **Y-axis:** Labeled "$/hr".
* **Curves:**
* TC (Total Cost): A curve starting from a positive value on the Y-axis and increasing with Q. It is colored purple.
* VC (Variable Cost): A curve starting from the origin (0,0) and increasing with Q. It is colored green.
* FC (Fixed Cost): A horizontal straight line starting from the same positive value on the Y-axis as the TC curve starts. It is colored black.
* **Other Elements:**
* Two orange lines labeled R1 and R2, starting from the origin and tangential to the TC curve and VC curve respectively at some points. R1 intersects TC at Q3. R2 intersects VC at Q2.
* Vertical dashed lines extending from Q1, Q2, and Q3 on the X-axis upwards, intersecting the curves.
* Black dots indicating points of intersection or tangency on the curves at Q2 and Q3.
**Chart 2 (Bottom): Average and Marginal Cost Curves**
* **Type:** Line chart.
* **X-axis:** Labeled "Q" (Quantity of Output), with specific quantities marked Q1, Q2, Q3.
* **Y-axis:** Labeled "$/unit of output".
* **Curves:**
* MC (Marginal Cost): A U-shaped curve, colored red, intersecting the AVC and ATC curves.
* ATC (Average Total Cost): A U-shaped curve, colored purple, above the AVC curve.
* AVC (Average Variable Cost): A U-shaped curve, colored teal (blue-green), below the ATC curve.
* AFC (Average Fixed Cost): A downward-sloping curve, colored black, approaching the X-axis as Q increases.
* **Other Elements:**
* Vertical dashed lines extending from Q1, Q2, and Q3 on the X-axis upwards, intersecting the curves.
* Black dots indicating points of intersection or minimum points on the curves.
* The MC curve intersects the AVC curve at its minimum point (around Q1).
* The MC curve intersects the ATC curve at its minimum point (around Q2).
* The AFC curve is constantly decreasing.