Suppose the firm is in a perfectly competitive market. (a) Derive the firm’s average variable cost curve, average total cost curve, and marginal…

1. Suppose the firm is in a perfectly competitive market.

(a) Derive the firm’s average variable cost curve, average total cost curve, and marginal cost

curve. Plot these functions on a graph and highlight the firm’s short-run supply curve.

(You can use a graphing calculator or Google to plot the AVC and MC curves, then copy