(1. section 2) This is a question from my math homework due at 5 pm today that I am stuck on. Please help me! 318.4 SummarySuppose you produce and sell Things. The following table summarizes the terms we'velearned so far relating to revenue and cost. Assume you are given a graph of total costTC(q) and total revenue TR(q) for producing and selling q Things.GraphicalInterpretationRelated equations andTermDefinitionformulasthe total amount you spendto produce q Thingstotal costTC(q) = V C(q)+ FCTC(q)the money you spend toproduce q Things withoutincluding fixed coststhe graph of VC has thesame shape as TC and goesthrough the originvariable costVC(q) = TC(q) – FCVC(q)the money you must spendeven if you produce 0 Things;the vertical distance betweenFC = TC(q) – VC(q)FC = TC(0)fixed costthe TC and VC graphs OR the"y"-intercept of the TC graphFCalso known as overheadaverage costAC(q)total cost averaged over thenumber of Things producedthe slope of the diagonal linethrough the TC graph at qTC(q)AC(q)averagevariable costvariable cost averaged overthe number of Thingsproducedthe slope of the diagonal linethrough the VC graph at qVC(q)AVC(q)AV C(q)the slope of the least steepdiagonal line that intersectsthe TC graphthe slope of the least steepdiagonal line that intersectsthe VC graphthe slope of the secant linethrough TC (or VC) at qand q+1breakeventhe smallest value of averagepriceВЕРcostshutdownthe smallest value of averagepricevariable costSDPmarginal costMC(q)(see footnote)the incremental rate of(q+1)—ТC(q)MC(q)change in TC from q to q+ 1Thingstotal revenuethe total amount you receivewhen you sell q ThingsTR(q)averagetotal revenue averaged over thenumber of Things sold; alsoknown as price per Thingthe slope of the diagonal linethrough the TR graph at qTR(q)AR(q)revenueAR(q)the slope of the secant linethrough the TR graph at qand q+1the incremental rate ofmarginalrevenue MR(q) | change in TR from q to q +1(see footnote)MR(q)TR(q+1)–TR(g)Thingsthe vertical distance betweenprofitP(q)the money you are left withafter subtracting total costfrom total revenueTR and TC (whenTR>TC)P(q) = TR(q) – TC(q)NOTE: If q is measured in hundreds or thousands of Things, the definitions, formulas, andgraphical interpretations of marginal revenue and marginal cost must be adjusted appro-priately. You sell Things. Your marginal revenue and marginal cost (both in dollars per Thing) for selling q hundred Things are given by:MR(q)=33-3q and MC(q)=5q+3.a.) Compute MR(2) and MC(2).MR(2)= 27MC(2)= |13dollars per Thingdollars per Thingb.) Which of the following are true? Select all that apply.O If you sell 2 hundred Things, your profit is $14.O Profit is maximized at 2 hundred Things.O If you sell 2 hundred Things, your profit is $1400.O Total revenue increases by $2700 if quantity increases from 2 to 3 Things.V Profit increases by $14 if quantity increases from 200 to 201 Things.V Total revenue increases by $27 if quantity increases from 200 to 201 Things.V Total cost increases by $13 if quantity increases from 200 to 201 Things.c.) Find the quantity that maximizes profit.hundred Thingsd.) Compute the change in total revenue if quantity changes from 400 to 401 Things. Include units.15e.) Your average cost, in dollars per Thing, is given by AC(q)=2.5q+3+. Recall that breakeven price is the "y"-coordinate of the point of intersection of MC(q) and AC(q) and compute the breakeven price.dollars per Thing

a. MR(2) = 33 -3*2 = 33-6 =27 MC(2) = 5*2 + 3 =13

c.) Find the quantity that maximizes profit. hundred Things d.) Compute the change in total revenue if quantity changes from 400 to 401 Things. Include units. 15 e.) Your average cost, in dollars per Thing, is given by AC(g)=2.59+3+2. Recall that breakeven price is the "y"-coordinate of the point of intersection of MC(g) and AC(9) and compute the breakeven price. dollars per Thing