Read the directions carefully, and answer all parts of each question. Write neatly; if I can't read it, it will be counted wrong. You may work in groups, but you must submit your own solution. Any plagiarism will result in a score of 0 for all parties involved. Disorganized/sloppy/etc. submissions may be penalized up to 10 points. No late homework will be accepted under any circumstances. FC VC TC MC AFC AVC ATC 1000 108000 8 12000 4 6. 4000 118000 28000 2.5 10000 132000 3.2 1. Complete the table above. (10 pts.) 2. Based on the table above, sketch the marginal product and total product curve. (5 pts.) 3. If the firm represented above is selling a quantity of 4000, a. What must the price be for the firm to earn a normal rate of return? (5 pts.) b. What is accounting profit at the normal rate of return if 65% of costs are implicit? (5 pts 4. The table above represents the cost structure of a perfectly competitive firm where the market price is $2. a. Find this firm's profit maximizing point of production. (2 pts.) b. How much profit is this firm earning at that quantity? (8 pts.) c. Will this firm shut down or continue in the short-run? (5 pts.)