Question 2 (a) Cycybotch bridal is a sole proprietorship specialized in the production on bridal fans. Most of the raw materials used in the production of these products are acquired in a very competitive market in Makola. In order for the CEO to maximise profit in the short run, she employed her husband, who is an economist to estimate the demand curve for her product. Using data from 164 customers, the estimated demand curve for bridal fans is given as: 20 = 10 - 0.25P. Suppose the firm has a fixed cost per unit as and variable cost per unit function as 2Q - 20 + 100 where Q is number of bridal fans produced and P is the price per bridal fan: i. Determine the number of bridal fans that maximizes the firm's profit. 6 marks ii. How much should the firm charge for a unit of bridal fan? 1 mark iii. Find the total profit at the profit maximizing level of output. 1 mark Question 2 (b) The table below contains cost information pertaining to a hypothetical firm operating in the marks Total Average Average Average Labour Variable Fixed Total Input Output Cost Cost Cost 12 2 12 3 4 24 5 26 6 13.3