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a. In the short run, a firm's output level is 10 units. Its total cost is $4000, and its average fixed cost is $100. Determine this firm's average variable cost (A VC) of producing 10 units and carefully explain your work flowmarks, Show all the steps of your work and provide all necessary explanations. b. The Table below records three supply points for an individual, perfectly competitive firm operating in the short run (worked) Table: short-run individual supply curve Price, $ Quantity 7 15 9 36 15 52 If industry is composed of 77 identical firms, which of the following will be a point on the short- run industry supply curve? Carefully explain your selection of the lettered answer. A. Price = $7, Quantity = 1,250 B. Price = $9, Quantity = 2, 772 C. Price = $15, Quantity = 3,940 D. Price = $24, Quantity = 5, 848 c. Suppose that 1) a firm's demand for labour function is given by MPL = 12 - 21, while the firm's output sells for $10 in a competitive market. Determine how many workers will the firm hire when the wage rate is $30 per day? $60 per day? (loanerksyfntanks per