Instructions: (10 - Points) Answer the following questions to the best of your ability. AVC=100.03q + 030005;;2 ATC=100.03q + 0.00005q2 + w and MC=100.06q + 0.00015q2 Answer the following questions: 1 (1 - point) At what value of q is AVC at its minimum? (Hint: The easiest way to calculate this value is to solve AVC - MC = 0 for q.) 2 (1 - point) At the above output level what value does AVC take? 3 If the forecasted price of the firm's output is $10 per unit: a (2 - points) How much output will the firm produce in the short run? [3 (2 - points) How much profit (loss) will the firm earn)? 4 If the forecasted price is $7 per unit: a (2 - points) How much output will the firm produce in the short run? (Keep only 2 decimals) b (2 - points) How much profit (loss) will the firm earn)? (Keep only 2 decimals)