Cost: Consider the following table for a hypothetical firm. Your task is to fill in the missing numbers based on your knowledge of the various cost concepts.

Y (output)	Total Variable Cost	Total Fixed Cost	Total Cost	Average Cost	Average Variable Cost	Average Fixed Cost	Marginal Cost
1		10		12			n.a.
2	4
3							4
4					3
5			30
6	32
7		10	63
8				12
9						1.11	40

Profit (This problem isnotrelated to the one above.) : Consider another hypothetical firm whose cost data is as follows:

Type of Cost	Amount
Cost of Labor	$150,000
Cost of Raw Materials	$270,000
Cost of Machinery	$80,000
Other Costs	$50,000
Payment to the Owner	$50,000

a)Suppose that the price of the product being sold is $1,500 and the total quantity sold is 1,000 units. Compute for the excess profit.

b)Suppose that new competitors have entered the market and while the firm can still sell the same quantity, the market price has begun to fall. Compute for the price at which the firm just earn "normal" profit?