Q9. A firm has $60 of fixed costs and variable costs as indicated in the table below. Complete the table. (10 marks) Total Total Total Total Average Average Average Marginal Product Fixed Cost Variable Cost Cost Fixed Cost Variable Cost Total Cost Cost $ 0 $_ 45 85 120 UTA WN 150 185 225 270 325 390 111 465 Explain the shape of AFC, AVC, ATC, and MC curves and their relationships to one another. Q10. Emily recently graduated with a B.A. in economics and was offered a job with a small but growing company for $38,400 per year. About the same time, Emily inherited $60,000. She decided to pass up the job and use her inheritance to purchase a bubble tea shop rather than put the money into a bond fund which would have paid 5 percent interest. Emily works full-time at her new business, and at the end of the year, she had revenues of $81,000 and total explicit costs of 42,000. What was Emily's accounting profit or loss for the year? What was her economic profit or loss for the year? (6 marks) Q11. Use the concepts of economies and diseconomies of scale to explain the shape of a firm's long-run ATC curve. What is the concept of minimum efficient scale? What bearing can the shape of the long-run ATC curve have on the structure of an industry? (6 marks)