Question 1 In Countryr K, Happr..r Noodles is one of the SUD competitive firms producing instant noodles which is generally:r considered as an inferior good bv the citizens. The equilibrium price of instant noodles per pack is $10. The cost schedule of Ha ppr.r Noodles is shown as below: [pack] 5 .- mm 5 Eii] 13,[i l Z {a} Based on the given data, construct a new table including the columns of quantity,r and total cost, add new columns of total variable cost, average variable cost, average total cost and marginal cost. Round the answer to one decimal place, if applicable. Working is m required. Qua n titv Average Average M arginal {packs} 'v'ariahle Total Cost Cost Co at 5 $ 5 {Er marks} {b} State the profit maximizing condition. Based on the given information and vour answer in part {a}, what should be the selling price and profit maximizing output of Happy.r Noodles? Explain. What is the amount of profit {loss} made bv the companv? Show vour working. {7" marks} {c} Use a set of marketfirm diagram to illustrate the above circumstances with all relevant kev data related to price. duantitv, costs and profit {loss} condition. Label them on 1your graph. No explanation is needed. [8 marks} {d} Recentlv, salarv tax of citizen of Countrv It increases, as a result, Happy.r Noodles has recorded a break-even status of profitabilitv. Illustrate this situation in the SAME market-firm diagram of part {c}. No explanation is needed. {4 marks}