Caribbean Corporation Limited produces and sells product CCL at a current market price of $150 and incurs fixed costs of $300 per period. The Board of Directors employed you, a Marketing & Finance Specialist to prepare a report for the Executive Management Team in which you are required to address the following. Quantity Total Marginal Cost Average Total Costs (5) Revenue (S) Marginal Profit (S) Revenue (S) Cost (S) (S) 10 300 400 2 450 3 510 4 590 15 700 16 840 7 1020 8 1250 9 1540 10: 1900 (a) Explain the difference between fixed costs and variable costs. [4 marks] (b) Complete the missing cells in table above. [10 marks] (e) What time period is the firm operating in? Justify your answer. [3 marks] (d) Based on your response to part (b), under which market structure does Caribbean Corporation Ltd. operate? Justify your answer and list 3 features of that market structure. [5 marks] (e) Determine the profit maximizing level of output. [2 marks] (0) The firm is considering ways of reducing its production costs. A member of the executive team suggested that they import a portion of their raw materials, despite the obvious concerns relating to import duties. Identify and briefly explain two (2) barriers to imports that the executive team should consider before finalizing their decision. [6 marks]