Question 1 The following table presents data on the various costs at different levels of outputs. At first, choose any number for TFC (between 50 and 200). TC TFC TVC MC 0 250 400 500 550 650 800 1000 1250 LD 1550 10 2000 i) Complete the table i) Explain why MC increases later and how it is connected to MP. i) Suppose the firm is operating in a perfectly competitive industry and the market price is $300. How many products will the firm produce in the short run? Explain your answer. Question 2 Complete the following steps: 1. Choose one example product or service. 2. Choose numbers for its original price and the quantity demanded. 3. Change the price and the quantity demanded (here, remember the law of demand). 4. Calculate the price elasticity of demand