Recall: Short-Run Costs-Summary at Q=0.Vc=0, but Fc>0 a when MC is declining, ATC and Avc both decline at an increasing rate a when MC starts increasing, ATC and AVC may both be decreasing but at a decreasing rate Mc intersects avc and atc at their minimum, respectivelyRecall: Short-Run Costs - Summary ◼ at Q=0, VC=0, but FC>0 ◼ when MC is declining, ATC and AVC both decline at an increasing rate ◼ when MC starts increasing, ATC and AVC may both be decreasing but at a decreasing rate ◼ MC intersects AVC and ATC at their minimum, respectively