When MC is less than ATC, is .
Assuming TFC is Rs 24. Complete the table:
Output (units)123ATC (Rs)504045AVC (Rs)MC (Rs)
Draw average total cost, average variable cost, and marginal cost curves in a single diagram. Also, explain the relationship between ATC and AVC.
OR
Explain the relation between (i) ATC and AVC and (ii) MC and AVC.