1. Consider the following table which displays weekly production of as a function of the number of workers. Suppose that workers get paid $1000/ week and fixed costs are $500. are sold for $20 each. Fill in the blanks. Find the level of production that maximizes profit (it's actually a tie). Marginal Total spinners product of Total Fixed Total Total Number of workers produced worker wages cost Cost Revenue Profit 0 $500 1 100 $500 N 250 $500 3 500 $500 4 $500 5 1000 $500 6 1100 $500 1150 $500 1170 $500 9 1160 $500 2. Now fill in the chart using the same assumptions (with wages as the only variable cost) but framing cost differently: Number Total Variable Fixed Total of spinners ATC AFC AVC MC cost cost Cost workers produced $500 1 100 $500 250 $500 AWN 500 $500 300 $500 1000 $500 1100 $500 1150 $500 1170 $5003. Confirm that when price is $20 profit is maximized when P = MC 4. Now assume price is $10. Calculate profit at each production level and confirm that profit is maximized when P=MC 5. Demonstrate from these last two calculations that supply curves are upward sloping. 6. Now repeat (4) but with price :5 $5.25. ls profit maximized when P=MC? 7. Nevertheless this maximum profit is negative. Why does the firm not just shut down