Problem
1. A firm's total cost is $1,000 if it produces one unit, $1,600 if it produces two units, and $2,000 if it produces three units of output. Draw up a table of total, average, and marginal costs for this firm.
2. Draw an average and marginal cost curve for the firm in Test Yourself Question 1 above. Describe the relationship between the two curves.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.