Question: Please answer the following questions step by step with all detail. Please handwrite the answers. I am in first year university so please keep answers

Please answer the following questions step by step with all detail. Please handwrite the answers. I am in first year university so please keep answers to that level. Thanks

Please answer the following questions step by step with all detail. Please

Question 3 (15 points) The weekly cost (in dollars) to manufacture x bicycles and y tricycles is: C(x, y) = 20, 000 + 60x + 20y + 50xy a) Determine the marginal cost of a bicycle (2 points) b) Determine the marginal cost of a tricycle (2 points) c) Determine the average cost C(x, y) (1 points) d) Determine the marginal average cost of a bicycle at a production level of five bicycles and five tricycles (2 points) e) Determine the marginal average cost of a tricycle at a production level of five bicycles and five tricycles (2 points) f) Determine the following second order partial derivatives ",C (x , y ) , C (x, V ) , avox C (x, y ) and a = C (x , y ) (6 points) Question 4 (13 points) Diamond Furnishing inc. is about to start selling a new import coffee table. It estimates the demand curve to be q = D(p) =1,000200-2p . The willingness to order such a table is given by the supply curve q = S(p) =1,000 10p -400. a) Determine the equilibrium point (p,q) (2 points) b) Determine the consumers' surplus at the equilibrium price (5 points) c) Determine the producers' surplus at the equilibrium price (5 points) d) Determine the resulting social gain (1 point) End of Assignment 7

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