Solve the following in detail
Answer the following questions: Question 1 Use the following table for this question. Number of Workers Marginal Product Total Product Average Product 1 12 W N 16 14 4 13 5 10 a. Complete the total product and average product columns. b. With which worker do diminishing returns occur? c. Graph the marginal and average product curves. 16 Product 10b. With which worker do diminishing returns occur? C. Graph the marginal and average product curves, 16 Product 10 0 2 3 4 5 6 LQuestion 2 Examine the following information about XYZ Incorporated Number of Output MP VC FC TC AVC AFC ATC MC Workers 0 0 0 110 12 30 W N 31 60 41 90 UT A 50 120 58 150 64 180 7 67 210 a. The firm is operating in the short run. How can you tell? b. What is happening to marginal product? Why? At which output level is marginal product greatest? c. Use the figures given to derive the cost information for the table. d. Compare the MP with the MC. What is your observation? Question 3 The below graph shows a monopolist that faces a market demand according to his cost functions. Answer all following questions:Question 3 The below graph shows a monopolist that faces a market demand according to his cost functions, Answer all islowing questions MC $22 ATC 18 16 14 AVC 11 D = AR 8 MR 12 17 22 Q a. Define Monopoly and explain the barriers of entry to such market. b. What is the production level that will maximize profit (or minimize loss) for the monopolist. Explain,AVC 14 D = AR 11 8 MR Q 0 12 17 22 a. Define Monopoly and explain the barriers of entry to such market. b. What is the production level that will maximize profit (or minimize loss) for the monopolist. Explain. c. Calculate the monopolist's total revenue (TR) at the production level that will maximize profit (or minimize loss). d. Calculate the monopolist's total cost (TC) at the production level that will maximize profit (or minimize loss). e. What is the profit (or loss) the monopolist will make, at the production level that will maximize profit (or minimize loss). f. Is the monopolist going to still produce or shutdown? Explain.Question 4 The Following table shows total cost (TC) of a kid selling lemonade, where the lemonade market is considered "Competitive" market. Answer all following questions: Quantity of Output Total Cost $ 0 5 8.5 15 W 22 A 30.5 5 45.5 a. What are the conditions of Perfect Competition? b. What does "Price Taker" mean? c. If the market price is $8.50, what is the profit-maximizing output? Explain. d. If the market price is $8.50, calculate the economic profit (loss)? e. If the market price is $7, what is the profit-maximizing output? Explain f. If the market price is $7, calculate the economic profit (loss)?30.5 5 45.5 a. What are the conditions of Perfect Competition? b. What does "Price Taker" mean?" c. If the market price is $8.50, what is the profit-maximizing output? Explain. d. If the market price is $8.50, calculate the economic profit (loss)? e. If the market price is $7, what is the profit-maximizing output? Explain f. If the market price is $7, calculate the economic profit (loss)? g. If the market price is $7, and according to your answer in (f). is this kid going to continue selling lemonade, or he will shut down. Explain
