Two points for each correct answer. It may be easier to copy and paste this table into your text entry. 1. Output AFC AVC ATC MC H 300 100 400 100 150 225 100 R 170 148 140 108 50 90 140 140 43 103 146 182 CO 38 119 156 234 138 171 283 160 190 361 1. How much is fixed cost (TFC)? For the following questions, first check: a) is P greater than or equal to, AVC at any level of output? If not, do not produce. You will lose only your fixed cost (TFC) If you CAN cover AVC for some level of output, you can produce and want to now get MC as close to MR (which in this case - price) without exceeding it. Produce that quantity. If you can't cover your total costs, you will minimize your losses. If you CAN cover your total costs (and therefore earn an economic profit), you will maximize your profit. 2. If price is $50 per unit, how many would we produce? 3. If price is $105 per unit 4. If price is $145 per unit 5. If price is $190 per unit Any response that seems to quote too extensively from your text OR from any other source will receive NO points. Any response using the exact same wording as another student's will receive NO points