Study the table below and answer the questions that follow Output units Total costs
Average costs Marginal costs
(TC)
(ATC)
(MC)
0
10
0
1
20
20
10
2
28
14
8
3
34
11.3
6
4.
38
9.5
4
5
42
8.4
4
6
48
8
6
7
56
8
8
8
72
9
16
2.1
Identify the value of the fixed costs.
(1
2.2
Give an example of a fixed cost.
(1
2.3
2.4
Briefly describe the term marginal cost.
(2
Explain the intersection point of ATC and MC using information in the table.
(​