Assignment 3 (Homework) Due Date: Any time between 28/3/2022 & 7/4/2022 - Use Microsoft Word to answer all questions. (Type your answers not writing them) -Use your own words and calculations and do not copy/paste or share your answers with other students. - Put all your answers in two pages maximum, if possible. Answer the following questions:- 1. Why do accountants and economists calculate a firm's cost and profit in different ways? Explain using no more than 50 words. 2. What is the law of diminishing returns? Why does marginal product eventually diminish? Explain using no more than 50 words. 3. Tony withdrew $150,000 out of his personal savings account and used it to start his new cookie business. The bank account pays 3 percent interest per year. During the first year of his business, Tony sold 2,000 boxes of cookies for $2.50 per box. Also, during the first year, the cookie business made monetary outlays of $3000. You may assume that there is no opportunity cost to Tony's time. Calculate Tony's accounting and economic profits. 4. A factory in town produced 700 tables but sold only 650 of them. The average cost of production for each table produced was 150 Dirham. Each of the 650 units sold was sold for a price of 140 Dirham. Calculate the total profit for the factory. 5. Your brother owns a painting company with fixed costs of $200 and the following schedule for variable cost: Quantity of painted houses 1 $10 variable costs 2 $20 3 $40 4 $80 5 $160 6 $320 7 $640 a. Calculate average total cost for each quantity. b. What is the efficient scale of the painting company?