Question 1 (a) The table below shows the cost for a firm at different level of output. Complete the table. (9 marks) Quantity (Units) TC VC AFC AVC ATC MC 0 3.00 3.30 0.80 0.50 0.90 1.30 1.30 6.30 (b) Draw the production curve (TC, VC, FC). (11 marks) (Total 20 marks) Question 2 (a) Define the gross domestic product (GDP). (2 marks) The table below shows the prices and quantities of the U.S output from 2002 to 2004. Prices and Quantities Year Price of Quantity of Price of Quantity of Movie tickets Movie tickets Yogurts Yogurts 2002 $10.00 400 $2.00 1000 2003 $11.00 500 $2.50 1100 2004 $12.00 600 $3.00 1200 (b) Calculate nominal GDP in each year. (6 marks)