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Please show the calculations and explain Question 1 a) The following tables gives you the cost schedule for a firm producing sugar. Calculate the average

Please show the calculations and explain

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Question 1 a) The following tables gives you the cost schedule for a firm producing sugar. Calculate the average costs and the marginal cost and complete the cost schedule. Output(tons) FC($) VC($) TC($) AFC($) AVC($) ATC($) MC($) 250 200 450 300 200 500 350 200 570 400 200 660 450 200 780 b) Draw the typical shapes of the average costs (AFC,AVC, ATC) and MC. Question 2 Assume silk ties are sold in perfectly competitive market. Use the table below to answer the questions given. Quantity Total cost Marginal cost 0 $9 1 117 2 26 3 37 4 50 5 65 6 82 7 101 8 122 9 145 10 170 If the price of silk ties is $12, find the profit maximizing output and calculate profit for the firm

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