2.) The following table shows Kulshan Print Shop's (short-run) total cost of producing the output levels shown in the first column. Number of books Total Cost Average Total Cost Marginal Cost (TC) (ATC) (MC) O $ 1,000 _(undef.) $ 2,000 100 $ 2,800 200 $ 4,500 1 1 400 $ 9,000 9 .(aging ES] emoldon ! Mode : 7ist 800 $24,000 (a) [2 pts] Please compute the Average Total Cost at the different levels of output, and record it in the table. (b) [2 pts] Compute the Marginal Cost between the different levels of output (that is, going from 0 to 50 books, then from 50 to 100 books, and so on) (c) [2 pts] How high is this firm's total fixed cost? How did you find it? OCE 002 (d) [2 pts] In one single graph, with the units of output (Q) on the horizontal axis, plot both the average cost curve and the marginal cost curve for Kulshan Print Shop. ES& 20.812 600.1 SlowsDivato anishen fom Jitong ends at Jeriw , Davoq toget $2 of nomeonis lo optq edy it [imon !] s) This study source was downloaded by 100000810021609 from CourseHero.com on 05-14-2023 23:13:24 GMT -05:003.) (3 points= 1+2) Greg spends his entertainment budget on some combination of tickets to movies and live concerts. Admission to a movie costs $10, while admission at a concert costs $20. The following table shows five different possible combinations that use up his entire entertainment budget. Combination Number of movies Marginal Utility of Number of concerts Marginal Utility movies of concerts 400 1400 450 NM + 1 1350 500 1250 600 1200 700 1050 (a) [1 pt] What is Greg's entertainment budget? (b) [2 pts] Which of the five combinations (in the table) maximizes his utility? Explain your answer! 4.) A single-price monopolist faces the following straight-line demand curve: P = 140 - 2.5 Q where P is the price in dollars, and Q is the output (per hour). The marginal cost curve is MC = 14 + 2 Q (a) [3 pts] Find the profit-maximizing output level and price for this monopolist. (b) [2 pts] If the industry were perfectly competitive instead, what would be the output level and price? (c) [2 [pts] Using your answers to (b), please calculate the amount of Consumer Surplus