1. Smashhit is a rm that produces tennis raquets. Its (shortrun) cost function is: C = 10g2 + 600:; + 1500, (1) and the demand for tennis raquets is given by P = 4600 IOQ. (2) What is the rm's average cost (AC) function? What is its average variable cost (AVG) function? What is its marginal cost (MC) function? Sketch these three functions and indicate the range of output over which there is increasing, decreasing, and/or constant returns to scale? (e) What is the supply curve for this rm assuming it is a competitive rm? (f) What are the rm's price, output and prot if Smashhit is i. one rm in a competitive market with free entry into the industry. ii. the only rm in the market, but government regulations force it to act \"com petitively" . iii. a monopoly (with no power to pricediscriminate among customers). iv. a monopoly with the power to perfectly pricediscriminate