Please answer and give an explanation for questions 1-5

In this assignment, you will define and calculate the remaining six major cost elements of a business when given the total costs and the quantity produced. You will then use the computed costs to determine a minimum cost output level for that business. Next, you will compute both the break-even price and the shutdown price for a hypothetical business in a perfectly competitive market. Then you will determine if that business would incur an economic profit at various market prices, and if the business should continue to produce at each of those price levels. Questions Table 1 shows an LED light bulb manufacturer's total cost of producing LED light bulbs at various output levels. Table 1Cases of LED light bulbs Total Costs produced in an hour 0 $4,500 10 $4,900 20 $5,100 30 $5,300 40 $5,400 50 $5,700 60 $6,700 70 $7,900 80 $9,700 90 $11,800 1. What is this manufacturer's fixed cost? Explain how you determined your answer. (Enter your response here.) 2. Using the data from Table 2 below, show at least one step-by-step calculation for each of the following: a. Variable Costs (VC) (Enter your response here.)b. Average Variable Costs (AVC) (Enter your response here.) c. Average Total Costs (ATC) (Enter your response here.) d. Average Fixed Costs (AFC) Enter your response here.) e. Marginal Costs (of a single case) (Enter your response here.) 3. In Table 2, for each level of output, calculate and insert into the table the values for: a. Variable Costs (VC) b. Average Variable Costs (AVC) c. Average Total Costs (ATC) d. Average Fixed Costs (AFC) e. Marginal Costs (MC) Table 2Cages of LED Total Cost Variable Costs Average Average Total Average Fixed Marginal light bulbe Variable Costs Costs Cost Costy e. produced in an a b. C d. $4,500 Enter your n/3 response here.) 10 $4,900 Enter your (Enter your Enter your (Enter your (Enter your responge response here. response here. responge here.) response here.) here., 20 $5,100 Enter your (Enter your Enter your Enter your Enter your response responge here. responge here.) responge here.) responge here. here. 30 $5,300 (Enter your Enter your Enter your (Enter your (Enter your responge response here.) response here. response here.) response here. here. 40 $5,400 Enter your Enter your Enter your (Enter your Enter your response response here.) response here. responge here.) response here.) here., 50 $5,700 Enter your (Enter your Enter your Enter your (Enter your response response here. response here. responge here. response here.) here. 60 $6,700 Enter your Enter your Enter your Enter your Enter your response response here.) response here.. response here.) response here.) here., 70 $7,900 (Enter your (Enter your Enter your (Enter your Enter your response response here. response here. response here.) response here. here., 80 $9,700 Enter your (Enter your Enter your (Enter your (Enter your response response here. response here.) response here.] response here. here. 90 $11,800 Enter your responge here.)4. Given the information you computed in Table 2, what is the minimum cost output level? Explain why. (Enter your response here.) 5. Brenda Smith operates her own farm raising chickens and producing eggs. She sells her eggs at the local farmers market, where there are several other egg producers also selling eggs by the dozen. (Brenda operates in a perfectly competitive market in which she is a "price taker.") To make sure she does not lose money on selling eggs, she does an analysis of her costs for producing eggs as shown on Table 3. "Enter your response here.)Table 3 Dozens of eggs Fixed Cost Total Cost Variable Costs Average Variable Costs Average Total per dozen Costs per dozen 0 $3.35 $3.35 10 $3.35 $10.50 $7.15 $0.72 $1.05 20 $3.35 $16.40 $13.05 $0.65 $0.82 30 $3.35 $23.10 $19.75 $0.66 $0.77 40 $3.35 $30.00 $26.65 $0.67 $0.75 50 $3.35 $36.50 $33.15 $0.66 $0.73 60 $3.35 $48.00 $44.65 $0.74 $0.80 70 $3.35 $64.40 $61.05 $0.87 $0.92 80 $3.35 $80.00 $76.65 $0.96 $1.00 90 $3.35 $135.00 $131.65 $1.46 $1.50 a. What is Brenda's break-even price for a dozen eggs? Explain how you found that answer. (Enter your response here.)b. What is Brenda's shutdown price for a dozen eggs? Explain how you found that answer. (Enter your response here.) c. If the market price of a dozen eggs at the local farmers market is $1.45 per dozen, will Brenda make an economic profit? Explain how you determined your answer. (Enter your response here.) d. If the market price of a dozen eggs at the local farmers market is $1.45 per dozen, should Brenda continue producing eggs in the short-run? Explain how you determined your answer. (Enter your response here.) e. If the market price of a dozen eggs at the local farmers market is 72 cents per dozen, will Brenda make an economic profit? Explain how you determined your answer. Enter your response here.)f. If the market price of a dozen eggs at the local farmers market is 72 cents per dozen, should Brenda continue producing eggs in the short-run? Explain how you determined your answer. g. If the market price of a dozen eggs at the local farmers market is 64 cents per dozen, will Brenda make an economic profit? Explain how you determined your answer. Enter your response here.) g. If the market price of a dozen eggs at the local farmers market is 64 cents per dozen, should Brenda continue producing eggs in the short-run? Explain how you determined your answer. Enter your response here )