Draw average total cost, average variable cost and marginal cost curves in a single diagram. Also,explain the relationship between ATC and AVC.

Draw average total cost, average variable cost and marginal cost curve

1.	Draw average total cost, average variable cost and marginal cost curves in a single diagram. Also,explain the relationship between ATC and AVC.
Answer» Solution : The AVERAGE variable cost (AVC) is the total variable cost PER unit of output. This is FOUND by DIVIDING total variable cost (TVC) by total output (Q).