1.Fish platter international faces a demand curve given by Q =10 - P and has a constant marginal and average cost of $3 per fish platter produced.Complete the following table for the various production levels, given that P is price per fish platter in dollars and Q is output in inputs.

Q

p

TR (PXQ)

MR

MC

AC

TC

Profit

1

2

3

4

5

6

8

9

10

How many fish platter will the firm produce in order to maximize profits? Explain briefly why this is so?

2.The total production costs of a manufacturing firm at various levels of output are given below:

Output (Units)

Total Cost ($)

0

1000

20

1200

40

1300

60

1380

Calculate the firm's average cost (AVC), average fixed costs (AFC) and marginal cost

3.With the aid of a diagram, distinguish between internal economies of scale and internal diseconomies of scale. Give two examples of each