Questions 1-4. Question 2 just answer the ? ones

total 1 . Given the following table : Out put cost 1 . The TVC of producing O 25 54 42 4 units of output is ? 55 2 . The AFC of producing 6 units 62 of output is ? 3 . The marginal cost of producing the fifth unit of output is ? 4 . The ATC of produing sumits of output is ? 2. Using the deta in the table below , answer the following questions ! Total total variable , total Marginal Product cost Average fixed Average variable Average total cost 500 $65 500 665 7 2 225 250 127 , 5 925 141. 666667 308. 3 3 3 3 37 3 . A firm in a perfectly competitive industry knows the following about it's costs and revenue . The firm would like to hasimize profit and has hired a consultant for advice. Price Q of output Total revenue total cost total fixed cost P 7 8:200 TCI 31200 total variable cost Average total cost Average variable cost MC TVC ? 11 1. Price ? 2. Quantity ? 3. total cost ? 4. total variable cost ? 5 . What is the value of the profit or less ( - ) at the current ouput cinchde the - sigh if it's a loss ) 6. Consultants Advice : As a consultant , what advice would you give to the firm : ( choose one answer from the following ) A) Firm should do nothing, it is already profit Maximizing/ less minimizing . B) Firm should reduce quantity of output . () Firm should increase quantity of output . DJ Firm should shutdown operations , E ) The given number set is inconsistent 4 . In a perfectly competitive market : the market price is 28, the marginal cost ( MU) = 2 ( Q ) + 2 , average total cost at equilibrium is 19 , and average variable cost at equilibrium is 8 . 1 . The profit maximizing price is ! 2 . The profit maximizing quantity is ? 3 . total revenue is ? 4. total cost is ? 5. Average fileed coal is ? 6. total fixed cost is ? 7. total profit / loss is ? 8 . Marginal revenue is ? 9 . At this marked price , would firms a ) enter the industry by leave the industry CI there is no incentive to enter or leave the industry , 10 . At the market price , could this be a long run equilibrium price ? ( if yes = 1, noz 2 ) Milroy