Question 4 i. Are the following statements true or false? Explain your reasons, a. For a firm with price in excess of average total cost, the presence of economic profits implies that the firm should increase output in the short run even if price is below marginal cost, [3 marks] b. If marginal cost is rising with increasing output, average cost must also be rising. [3 marks] . Fixed cost is the same at each output level except when no output is produced. When a firm produces no output, there are no fixed costs. [3 marks] ii. Allsmart's demand curve is given by Q=10-P for its dishwashers. The marginal and average cost is $3 per dishwasher produced. Complete the following table. [10 marks)