The difference in total cost between two levels of output is divided by the difference in output to arrive at the marginal cost (MC). Total cost divided by number of items equals AC(x)=C(x)x=22 x0, ...

b) Calculate and graph the firm's short run average costs (SAC(y)) and short run marginal costs (SMC(y)) c) Calculate the point where SAC=SMC and mark it on your graph. What point on the SAC curve ...