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# Understanding Total, Marginal, and Average Cost Quiz

### 1. What is the Total Cost (TC) if the Fixed Costs (FC) are $200 and Variable Costs (VC) are $550?

### 2. What is Marginal Cost (MC)?

### 3. If the Total Cost of producing 10 units is $1000 and 11 units is $1040, what is the Marginal Cost?

### 4. What does Average Cost (AC) represent?

### 5. If the Total Cost of producing 50 units is $5000, what is the Average Cost?

### 6. When Marginal Cost is less than Average Cost, what happens to Average Cost?

### 7. When Marginal Cost is greater than Average Cost, what happens to Average Cost?

### 8. If the Marginal Cost is constant, what is the shape of its graph?

### 9. If the Total Cost of producing 5 units is $15 and of producing 6 units is $18, what is the Average Cost of producing 6 units?

### 10. What is the relationship between Total Cost, Marginal Cost, and Average Cost curves in the long run?