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City S Airport Corporation is a public listed company. Airlines hardly have any choice to avoid the aeronautical fees in City S airport and passengers too are stuck with one airport. Therefore, the competition for the airport in City S is very limited. As such, the controlof price is left solely to the airport authority. Last year, it made $1.6 billion in revenue from aeronautical fees, retail, car park fees and car rentals with operating expenses, financial costs, tax payments, depreciation and amortisation of about 900 million. Q 3. a (2 mark) According to the above information, what type of market structure does the City S Airport Corporation represent and what type of profit would it make in the long run? Q 3. b (2 mark) What are the main characteristics of this type of market structure? Give one real- world example of this type of producer. The figure below shows the marginal revenue, marginal cost, and average cost curves for Tony, a lobster farmer who is a profit maximiser. 500- Marginal 400- cost curve Average cost curve 300 Marginal 200- revenue 100 1000 . 2000 3000 4000 Q 3. c (3 mark) Refer to the above sketch diagram, What industry does Tony operate in? How would you know from the diagram? What is the profit maximisation output and profit ($) / loss ($) Tony makes? = = Q 3. d) King's Bread Shop raises its prices and blames it on the rising flour costs. The wholesale price of flour has risen nearly 25% in the last 6 months due to COVID-19. "There's a lot of flour in making all types of bread" notes by a food analyst in the media. The price of bread has risen by 40% while the sales have dropped by 15%. Q 3. d i (1 mark) Is flour a fixed factor of production or a variable factor of production? Q 3. d ii (2 mark) Describe how the increase in the price of flour changes King's Bread shop's short- run cost curves such as the average fixed cost (AFC), average variable cost (AVC), marginal cost (MC) and the average total cost (ATC)