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3. a) Complete the table below for Harry's Handmade Lamps. (6) Price Quantity Fixed Variable Total Average Average Average Marginal Marginal Cost Cost Cost Fixed
3. a) Complete the table below for Harry's Handmade Lamps. (6) Price Quantity Fixed Variable Total Average Average Average Marginal Marginal Cost Cost Cost Fixed Variable Costs Revenue Cost Costs Costs 120 0 120 0 120 1 120 30 120 2 120 42 120 3 120 60 120 4 120 100 120 5 120 195 120 6 120 388 120 7 120 752 b) Create a graph showing the business's marginal revenue, marginal cost, average cost, and average variable cost curves. (3) c) Indicate the profit-maximzing point. (1) d) Outline and label the revenue, cost, and profit rectangles. (3) e) Indicate on your graph the shutdown point. Explain why the business shuts down at this point. (2)
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