Question 1 Lucky Bubble is one ofthe 500 companies in producing bubble tea in Country Happy. The equilibrium price of a cup of bubble tea is $30 and Lucky Bubble has the following cost structure. Quantity Total Cost (Cups per month) ($) 0 12,500 1,000 30,000 1,500 36,000 2,000 43,000 2,500 53,000 3,000 68,000 (3) Construct ONE new table based on the above data. Besides including the original columns of quantity, add columns of average total cost, average variable cost and marginal cost of Lucky Bubble. Round your answers to integer, if applicable. Quantity AverageTotal Average Marginal Cost (Cups per Variable Cost $ month) (5) ( ) (Remarks: Signicant mark deduction applies if the table is broken into 2 parts or 2 tables) (5 marks) (b) Determine and explain the profit maximizing output, price and economic profit (loss) of Lucky Bubble. Show your workings. (6 marks) (c) Based on the given data and your answer in part (a) and (b), draw a set of market-firm diagram to illustrate the profit situation of Lucky Bubble. Label the critical points with all relevant figures. Label the area of profit (loss) too. No explanation is needed. (6 marks) (cl) Recently, Lucky Bubble keeps operating in the bad time. After an investigation, the owner recognized that researches indicate nowadays both bubble tea and coffee are favourite beverages of young adults of Country Happy and recently the price of coffee reduced substantially. In the meanwhile, the management fee of the shop paid by Lucky Bubble adjusted upward. Illustrate this new situation of Lucky Bubble in the short run in the same diagram of part (c). Explain the situation of Lucky Bubble briefly. (7 marks)