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Assignment ll'.1|.|estions: 1. The market for Burger has the following demand and supply schedule: Price [Tit] Quantity demanded Quantity Supplied Bur_ rs Bu _ers ___ ___ ___ ___ I. Plot the demand and supply curves in a same diagram. Find the equilibrium price and quantity from the diagram. II. If the actual price in this market were above the equilibrium price. what will happen to the market situation and how the equilibrium will be restored? 10 marks 2. The following table depicted a computer manufacturer's total cost of producing com puter: 20 marks a. What Is this manufacturer's fixed cost? b. For each level of output. calculate the variable cost NC). For each level of output accept zero output, calculate the average variable cost (AVE), average total cost {ATE}, and average fined cost lAFCl. What is the minimum-cast output? c. For each level of output. calculate this manufacturer's marginal cost [MC]. d. On one diagram, draw the manufacturer's AW, A'I'C. and MC curves. e. What principle explains why the AFC declines as output increases? What principle explains why the Mir: increases as outpul increases? Explain your answers