QUESTION 12 Steve decided to go into business giving dance lessons. He kept poor records because he was so busy dancing but he thinks there is enough here for you to ll in the blanks. Fill in the blank cells in the table. All of these costs are functions of q, the quantity of dance lessons. so you could denote total cost by TC(2) meaning the total cost when q=2. What is AFC(5)? $ [lesson : QUESTION 13 (continued) What is VC(0)? $ (you can't calculate it but you can reason your way to an answer) E QUESTION 15 Based on the diagram below the maximum profit that this firm can earn is $ ($/kg) MC ATC 8 7 P = MR 6 5 3 2 AFC 5 6 q 7 8 9 10 q (kg)QUESTION 16 (continued) If this firm's fixed costs were sunk and the price fell to $1/kg then this firm should produce _ kg of output.QUESTION 20 The table below has some information about an unnamed rm in an unknown competitive industry. I found it described in the Mankiw textbook's study guide. q TC MC P TR MR 0 100 n/a 80 0 nla 1 150 80 2 202 80 3 257 80 4 317 80 5 385 80 6 465 80 7 562 80 8 632 80 Fill in the MC, TR (total revenue), and MR columns. What quantity should the rm produce if it has to pick a q > 0? (if two options yield equal prot pick the larger one) _ E QUESTION 21 (continued) Will there be entry, exit, or neither in this industry in the long run? 0 entry 0 exit 0 neither QUESTION 22 Suppose TWICE put on 5 concerts in Korea last month for an average total cost of $1 million each. It considered doing 6 concerts for an average total cost of $0.9 million but decided not to. What would have been the marginal cost of the 6th concert? $_ million E QUESTION 23 The graph below depicts the demand for a Beyond Meat fake sausage. This is the only company that sells this product so it is a price maker with the MR depicted. What is the prot maximizing quantity for the rm to produce? (The rm can't shut down or exit so don't consider that as an option.) 45 ($r'k9) 40 35 30 25 20 15 ATC 10 MC 5 w. o 0 o 2 4 a a 10 12 14 1a 1a 20 0 (k9)