QUESTION 4 John is the CEO of a major producer of sugar cookies. His cost accountant has provided his with a table describing his cost structure, but he inadvertently dripped cooking grease on it and most of the table is illegible. Q TC FC VC MC 0 17 2 15 3 101 12 122 67 126 At [A] units of output, diminishing marginal returns set in. QUESTION 5 Price MC ATC 15 AVC 12 10 50 60 100 Quantity Suppose the figure above represents a firm in a perfectly competitive market in the short run. If the price is $12, the optimal output for this firm is [A] units. QUESTION 6 T Price MC ATC A VC 15 12 10 35 40 50 100 Quantity Suppose the figure above represents a firm in a perfectly competitive market in the short run. If the price in the market is $12, the short run profits for this firm are $[A]