Question 5 Table 1 gives the total cost gures for a photography studio. Table 1 Quantity Total cost ($1: Total Variable Average total Average variable nortraitsfda Cost $ cost $ cost $ cost $ {a} Complete table 1 above. {b} Suppose that each rm in the perfectly competitive photographic services industry has costs as given in table 1. Consider the prot-maximising output decisions of each rm in the industry at alternative prices in the short-run. {i} How much will each rm produce if the going fee for a portrait is $3? (ii) How much will each rm produce if the going fee for a portrait is $12? (iii) How much will each rm produce if the going fee for a portrait is $16? (c) {i} Discuss whether the rm is making an economic loss or economic prot at each prot-maximising output level in part b: (i), (ii) and (iii). Support each answer with a diagram. (ii) If they are making an economic loss, what should the rm's do, to minimise the loss? Justify your answers using numerical values contained in table 1. (2+3+3+4=12marks}