Please answer all questions!

Paper 1, HL- Full questions 1. a) Explain how a firm may maximize profits. [10 marks] b) Using real-world examples, discuss the implications of two business objectives that may be followed, as an alternative to profit maximization. [15 marks] 2. a) Explain why the supply curve slopes upwards. [10 marks] ( b) Using real-world examples, discuss the idea that profit maximization is the best strategy for firms. [15 marks] Paper 3, HL - Part questions The total cost information for a firm, in dollars ($), is given in the table below: Output Total cost Total fixed Total variable Average fixed Average vari- Average total Marginal (9] [TC] cost [TFC] cost [TVC) cost [AFC) able cost [AVC] cost [ATC] cost [MC] 0 40 1 90 40 130 20 3 160 13.33 4 200 10 250 8 320 6.67 a) Complete the cost information in the table above for all levels of output. b) Explain why the AFC values fall as output increases