[N.B.: Must show all necessary steps in calculation with mathematical equations and symbols clearly. Please answer on separate sheet(s). Do not answer on the question paper:] 1). (4 Points) Jasmin is a painter. She spends $30,000 per year on painting supplies and storage facilities. Her yearly labor cost is $3,500 and tax is $4,500. She recently received two job offers from two marketing firms - one with $110,000 per year and the other with $80,000 per year. However, she turned down both offers to continue with her painting career. If Jasmin sells 25 paintings per year at a price of $8,000 each, a) What are her accounting profits? b). What are her economic profits? 2). (5 Points) Suppose the total benefit and total cost functions are given as B(Q)=25QQ2 and C(Q)=5Q+Q2 respectively. a. What is the total benefit when Q is 10 ? b. What is the marginal benefit when Q is 5 ? c. What level of Q will maximize total benefits? d. What is the marginal cost when Q=2 ? e. What level of Q maximizes net benefits? 3). (3 Points) A bond pays $100 at the end of each year for five years, plus an additional $1,000 when the bond matures at the end of five years. a). What is the most you would be willing to pay for this bond if your opportunity cost of funds is 6 percent? b). If the bond pays you the same amount forever, how much will you be willing to pay for it