Question: Question Two (25 points) Based on the following table, answer the questions below: Output TC TFC TVC ATC AFC AVC MC 0 $200 1 $60

Question Two (25 points) Based on the following table, answer the questions below: Output TC TFC TVC ATC AFC AVC MC 0 $200 1 $60 2 $120 3 $420 4 $160 5 $120 a) Complete the table below based on the relationships among the various cost functions. (18 points) b) If the marginal revenue equals $400, what is the level of production that maximize the profits of producer? Explain your answer. (7 points)

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