Question 1 50 pts Answer all three questions worth total of 50 points within 1.15 hours. The exam is typed into the text box below. Exam 3B - Three Problem Questions Total 50 points. Answer all 3 questions. Question 1 (2_2points). Points are listed in the brackets in each pa_rt Assume the short-run cost table represents the cost for a rm in a purely competitive industry. Total product is the Q of production. Total product is the Q, TFC, TVC, TC, AFC, AVC, ATC, MC Total product E M E M m 0 - - _ _ 1 4O 95 2 75 3 15 4 150 5 135 6 170 a. Complete the table above (6 points) b. Applying the rule of prot maximization, if the product market price of $35, will this rm produce, why or why not (3 points) c. At price $35, how much should this rm produce? (4 points) d. How much will the prot/loss./break-even? (4points) e. How much is the marginal revenue? (3 points) f. Show the situation graphically with MR, Demand, ATC, AVC, and MC graphs. Label the equilibrium Q and Price points (10 points)