Draw the average fixed cost, average variable cost, average total cost and marginal cost curve for a physician-firm

1. Draw the average fixed cost, average variable cost, average total cost, and marginal cost curve for a physician-firm. Explain for each curve (4 explanations) why it has the shape that it does.

2. Assume the physician-firm is operating in a perfectly competitive market. Discuss and show graphically the firm’s output and price in the long-run.