Just write down the answer or draw the graph if asked

2. Suppose RunCo Shoes produces running shoes using robots and a xed amountof la bar to oversee and repair the robots. The table below indicates how the number ofpairs of runningshoes produced and the total cost depend on the quantity of robots acquired. Robots Total output [pairs] Total cost (5) 0 I] 40 1 2 90 2 5 140 3 1|] 190 4 15 240 5 19 290 5 22 340 7 24 390 8 25 440 . What is the marginal productofthe third robot? b. How many robots does RunCo need to acquire before it begins to experience diminishing marginal returns? Explain using numbers from the table. c. Calculate the marginal cost ofthe 15th pairof running shoes. Show your work. d. Suppose RunCo can sell any quantity of running shoes to retail stores for $30 per pair: i. How many robots should this firm hire in order to maximize prots? ii. Calculate the prot at this level of output. Show your work. {6 points] 3. Suppose Roland's Roller Blades operates with a nonzero fixed cost, a n upwardsloping marginal cost, and a constant marginal revenue. a. Draw a correctly labeled graph for this firm and label the following: i. marginal cost (MC) ii. marginal revenue (MR) iii. average total cost (ATC'J iv. average variable cost (AVC) b. Label the protmaximizing quantity of output Qm. c. Suppose that MC: 5, MR: 3,ATC = 10, AVG: 7, and Qm = 20. What is the fixed cost? Show you r work. {5 points]