| Address the following: |
| 1. Complete Table-1. Summarize your calculations. |
| 2. Prepare a graph showing: |
| Average Fixed Costs |
| Average Variable Costs |
| Average Total Costs |
| Marginal Revenue |
| Marginal Costs |
| 3. Using the data in the table and on your graph, explain the profit maximizing, orloss minimizing level of output. |
| 4. Define a normal profit and aneconomic profit. Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers. |
| 5. Given the data in the table and the graph, what type of market structure could this be in the short run? Explain your answers. |
| 6. If the data in Table-1 represents the long run, what type of firm must this data represent? Explain your answers. |
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