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

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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)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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) Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.) Output TC (£) AC (£) MC (£) 0 1 2 3 4 5 6 7 8 9 10 55 85 110 130 160 210 280 370 480 610 760 – 85 55 43.33 40 42 46.66 52.80 60 67.77 76 30 25 20 30 50 70 90 110 130 150 How much is total fixed cost at: (i) an output of 0? ................................................................................................................. (ii) an output of 6? ................................................................................................................. How much is average fixed cost at: (i) an output of 5? ................................................................................................................. (ii) an output of 10?…
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