Question: Task1. abcd four questions. Task 1 The following represents a total cost schedule for a clothing firm that produces T-shirts. Quantity Total Cost ($) 0

Task1. abcd four questions.

Task 1 The following represents a total cost schedule for a clothing firm that produces T-shirts. Quantity Total Cost ($) 0 10 1 13 2 15 3 16 4 20 5 30 6 42 a) Calculate and graph the firm's marginal cost, average variable cost and average total cost. b) Assume that the firm operates in a competitive market. If the market price of T- shirts is $10, what is the firm's profit maximizing output and is it earning an economic profit? Identify the firm's profit and output on your graph. c) At what market price will the firm break-even (earn zero economic profits)? d) At what market price will the firm consider temporarily shutting down its operations? Explain

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