**FRQ Unit 3****Details:**Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer.**Table: Quantity of Output and Total Cost**| Quantity of Output | Total Cost ||------------------|-----------|| 0 | $12 || 1 | $14 || 2 | $18 || 3 | $24 || 4 | $32 || 5 | $42 || 6 | $54 || 7 | $68 |The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat.**Questions:**(a) Calculate the average variable cost of the fifth unit. Show your work.(b) What is the firm’s profit-maximizing quantity of hats? Explain using marginal analysis.(c) Draw a correctly labeled graph showing the firm’s demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b).---Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer.

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Available: Oct 24, 2021 6:00pm until Oct 26, 2021 7:30am v Details Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Quantity of Output Total Cost $12 1 $14 $18 $24 $32 $42 6. $54 $68 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat. (a) Calculate the average variable cost of the fifth unit. Show your work. (b) What is the firm's profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm's demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b). Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes If the auestion nromnts vou to "Calculate" vou must show how vou arrived at vour final answer Next>

Available: Oct 24, 2021 6:00pm until Oct 26, 2021 7:30am v Details Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Quantity of Output Total Cost $12 1 $14 $18 $24 $32 $42 6. $54 $68 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat. (a) Calculate the average variable cost of the fifth unit. Show your work. (b) What is the firm's profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm's demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b). Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes If the auestion nromnts vou to "Calculate" vou must show how vou arrived at vour final answer Next>

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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