Question $1$

Fresh Lemon is one of the $100$ shops making and selling hand$-$crushed lemon tea in Country W$.$ All shops in this hand$-$crushed lemon tea market face the same revenue and cost schedule. Fresh Lemon incurs a fixed cost of $$30,000$ per month. Table $1$ illustrates the cost schedule of the shop and Table $2$ illustrates the demand and supply schedule of the market for hand$-$crushed lemon tea.

$\backslash$table$[[\backslash$table$[[$Production$],[$Output$],[($Bottles per$],[$month$)]],\backslash$table$[[$Average$],[$Variable Cost$],[($$ per bottle$)]]],[0,$NA$],[1,000,25],[2,000,18],[3,000,17],[4,000,25],[5,000,36]]$

Table $1-$ Cost schedule of Fresh Lemon

$\backslash$table$[[\backslash$table$[[$Price$],[($$ per bottle$)]],\backslash$table$[[$Quantity$],[$Demanded$],[($Bottles per$],[$month$)]],\backslash$table$[[$Quantity$],[$Supplied$],[($Bottles per$],[$month$)]]],[100,30,000,90,000],[90,40,000,75,000],[80,55,000,55,000],[70,60,000,50,000],[60,85,000,35,000],[50,100,000,20,000]]$

Table $2-$ Demand and supply schedule of the hand$-$crushed lemon tea market

$($a$)$ Define equilibrium. Identify the equilibrium quantity and equilibrium price of hand$-$crushed lemon tea.

$(3$ marks$)$

$($b$)$ Based on the given data, construct ONE new table for Fresh Lemon including the original column of production output $($quantity$)$ and add new columns of total cost, average total cost and marginal cost. Round all figures to one decimal place, if applicable. Working is NOT required.

$\backslash$table$[[\backslash$table$[[$Production Output$],[($bottles$)]],\backslash$table$[[$Total Cost$],[($$$)$