In Pakistan fresh fruit market is considered to be a perfectly competitive industry. Following is the information available for the firm A operating in the market.

Total output

Total Cost

0

20

1

30

2

42

3

55

4

69

5

84

6

100

7

117

a.Find VC, AC, AVC, AFC, ATC, MC

b.If the market price of the fruit is 13

i.Find how much output will the firm produce

ii.Illustrate it graphically

iii.Find if the firm is maximizing profit or minimizing loss(show calculations) and highlight the same in the graph drawn in part ii.

iv.From your answer in part iii, explain if the firm is operating in the LR or SR.

c.If the market of the fruit is at 16

i.Find how much output will the firm produce

ii.Illustrate it graphically

iii.Find if the firm is maximizing profit or minimizing loss(show calculations) and highlight the same in the graph drawn in part ii.