1. Given: Marginal Utility Schedule of 184(ng for bottles of ggdrjni$s 15pts Q MU( in monetary terms ) l P 100 2 70 3 50 4 30 Price ofsgftdijng= P1500 Required: at. Draw the demand curve of Magggifor sodijyig, b. How many bottles of beer does Logs]; purchase in order to maximize his utility ? Why? d. Illustrate the consumer surplus if price becomes P 16.00? 2. Given the cost of production of Firm X in the longrun. 10 pts Q TC Unit Cost 10 1000 20 2500 30 3000 40 3500 Required: Identify and describe the condition faced by the rm in the iong-run. a u v I.- 3. Given : Production Schedule of Firm X in the ShortRun Q( Labor) TP AP MP 1 8 2 17 3 25 _ 4 30 __. _ _. _ 5 32 6 28 Required: a. Compute the average product and marginal product at each quantity of labor used. b. What is the relationship between output and the variable input? (2. What are the stages of production faced by the lm in the short-run ? What is the economic implication of the Law of Diminishing Marginal Returns to production behavior of the rm