Question No: 01 This is a subjective question, hence you have to write your answer in the Text-Field given below. (a) Given below is the cost schedule of a firm. Its total fixed cost is Rs. 100. Calculate the average variable and marginal costs at each given output level. (5 MARKS) \begin{tabular}{|c|r|r|r|r|} \hline output(units) & 1 & 2 & 3 & 4 \\ \hline Total Cost & 350 & 450 & 610 & 820 \\ \hline \end{tabular} (b) The firm in sub-questipn (a) operates in a perfect competition market where the demand and supply equations are given by P=270 - Q and P=150+Q, respectively. Find the profit/loss done by the firm under the condition of profit maximization. (4 MARKS) (2) Graphically (approximately) present the above on your answer sheet. (2 MARKS)