QUESTION 14 Ted is a producer in the perfectly competitive market for sandwiches. Ted produces his profitmaximising quantity of 55 sandwiches at the market price of $4.00 per sandwich. At this output, his average variable cost is $2.80 per sandwich and his average total cost is $3.10 per sandwich. His minimum average variable cost is $2.70 per sandwich. Select the item from the list provided to make the following statements true. - v The total variable cost Ted will incur at his profit maximising 1. $0.30 production level is $1.10 per sandwich 2. $4.00 per sandwich _ v Ted's average fixed cost at his profit maximising production 3 $154 level is ' - v If the market price begins to fall below $4.00 per sandwich, 4' $17050 and Ted's costs remain unchanged, Ted will need to begin 5. $154 par sandwich loss minimising once the market price falls below 6. $4950 7. 8. $0.30 per sandwich 9. $148.50 10. $0.40 per sandwich 1 1. $2.70 per sandwich 12. $3.10 per sandwich