InstructionPlease answer all the questions by filling in theblanks or showing working calculation.Question 1A firm's costs are given in the following table.TC TFC TVC AVC ATC MCO RM5017080390411051406 1757 2208 2809 36010 4501.1) Complete the table. (4M)1.2) Draw a graph for each AVC, ATC and MC on one graph.(2M)1.3) Suppose market price is RM20. How much will the firmproduce in the short run? How much are total profits? (2M)1.4) Suppose market price is RM60. How much will the firmproduce in the short run? How much are total profits? (2M)(10 Marks)Working calculation and answer: Question 2Refer to the diagram below to answer the questions.$MC20ATC18AVC1611D9MR200300 350QNumber of Baldwin High School yearbooksFind the profit-maximizing level of output and price for the highschool yearbooks. How much is the profit?(4 Marks)Working calculation and answer:Dollars

A firm's costs are given in the following table. q TC TFC TVC AVC ATC MC O RM50 1 70 2 80 3 90 4 110 140 6. 175 7 220 8 280 9 360 10 450 1.1) Complete the table. (4M) 1.2) Draw a graph for each AVC, ATC and MC on one graph. (2M) 1.3) Suppose market price is RM20. How much will the firm produce in the short run? How much are total profits? (2M)

A firm's costs are given in the following table. q TC TFC TVC AVC ATC MC O RM50 1 70 2 80 3 90 4 110 140 6. 175 7 220 8 280 9 360 10 450 1.1) Complete the table. (4M) 1.2) Draw a graph for each AVC, ATC and MC on one graph. (2M) 1.3) Suppose market price is RM20. How much will the firm produce in the short run? How much are total profits? (2M)

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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