Dear Students, Please solve the questions below and submit as a part of your assignment 1 for evaluation. Ques 1. Based on the following table: (Use the concept of Maximizing total profit) Output Price Total Cost $10 $ 31 10 40 10 45 10 48 10 55 65 O . . V Q UI A W N H O 10 10 80 10 100 10 140 10 220 10 340 a. What is the profit-maximizing output? (5 marks) b. What will happen to the market price in the long run? (5 marks) 2. What is the difference between technical efficiency and economic efficiency? (5 marks) Submit Cancel 11:36 1/30/2