Question: 8. Refer to the data provided in Table 8.4 below to answer the following questions. (1 Mark) Table 8.4 Number of Shorts 0 1234

8. Refer to the data provided in Table 8.4 below to answer the following questions. (1 Mark) Table 8.4 Number of Shorts TVC M

8. Refer to the data provided in Table 8.4 below to answer the following questions. (1 Mark) Table 8.4 Number of Shorts 0 1234 I 5 TVC 360 MC 40 AVC TFC 53.3 TC AFC ATC 150 400 120 a. Refer to Table 8.4. If Scott produces five pairs of shorts, what are his total costs? b. Refer to Table 8.4. If Scott produces four pairs of shorts, what are his average fixed costs? c. Refer to Table 8.4. If Scott produces two pairs of shorts, what are his average variable costs? d. Refer to Table 8.4. If Scott produces four pairs of shorts, what are his average variable costs? e. Refer to Table 8.4. Assume that Scott Board Shorts is producing in a perfectly competitive output market. The price of a pair of shorts is $40. To maximize profits, how many shorts should Scott produce?

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